Obamas' tax return revealed: Made $609K, paid $112K
President Barack Obama's tax return.
It’s getting close to Tax Day for all Americans – and that includes the inhabitants of the White House.
Last year, President Barack Obama and First Lady Michelle Obama paid an effective tax rate of 18.4 percent, the White House reported Friday, with an adjusted gross income of $608,611 and a total of $112,214 in taxes.
The family gave almost a quarter of its income to charity, including a $103,871 donation to the Fischer House Foundation.
According to their website, the foundation “donates ‘comfort homes’ built on the grounds of major military and VA medical centers.” The homes allow family members of those who are hospitalized to stay closed to loved ones for free. The president donates the proceeds of the children’s book he released in 2010, “Of Thee I Sing” to the foundation.
Among the other entities that received charitable donations from the Obamas were the American Red Cross, the Boys and Girls Club and Sidwell Friends school, where their daughters are enrolled.
The Obamas also gave $5000 to the Palm Beach County Law Enforcement Fund. In September of 2012, a Palm Beach County motorcycle police officer was struck and killed as he was helping set up a rolling roadblock for the president’s motorcade.
The Obama’s income has dropped over his presidency, as royalties from his books have tapered off. In 2009, the couple reported a gross income of about $5.5 million. By last year, the Obamas reported an income of $789,674 on which they paid $162,074 in taxes and gave $172,130 to charity. Their effective federal tax rate that year was 20.5 percent.
The president has campaigned on the idea that higher-income Americans – including himself - should pay “their fair share,” while those with incomes under $250,000 should not be subject to tax increases.
Vice President Joe Biden and his wife Jill reported a gross income of $385,072 and paid $87,851 in federal taxes in 2012. They gave just $7,190 to charity – including donations valued at $2000 in furniture, household goods and exercise equipment. That totals about 2 percent of their 2012 income.
And if you ever wondered who exactly pays the salaries of two of the most important people in the world, here's your answer: The president is paid by an agency of the Department of Defense (the Defense Finance and Accounting Service), while the vice president is paid by the U.S. Senate.
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