Obamas’ Tax Return Shows Lower Earnings

 

Obama_Tax_Return

 

 

” President Barack Obama and First Lady Michelle Obama paid $112,214 in federal income taxes in 2012 on adjusted gross income of $608,611, an effective rate of 18.4%, the White House said Friday.

The first family’s income declined from the $789,674 in adjusted gross income they reported in 2011. That year they paid total federal taxes of $162,074, an effective rate of 20.5%. Their 2012 income continues a steep decline from 2010 when they reported $1.7 million in adjusted gross income, the bulk of which was royalties from sales from books written by Mr. Obama.

Meanwhile, Vice President Joe Biden and wife Jill Biden reported adjusted gross income of $385,072 in 2012, the White House said. The Bidens paid $87,851 in total federal tax for 2012, a further $13,531 in Delaware income tax and $3,593 in Virginia income tax. The Bidens contributed $7,190 to charity in 2012.”