Obama pays $112K in taxes: Barack Obama made $609K in 2012, Obama pays $112K in income tax after making $609K with his wife, Michelle Obama, in 2012. On April 12, NBC News reported that Mr. and Mrs. Obama have filed their taxes for last year and that information has been released in to the public domain.
"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," NBC News reported, adding that the Obama's gave about a quarter of their earned income to charity last year.
Obama pays $112K, which seems low to some people -- but the Prez and his wife had a lot of write-offs. Also, this was the lowest reported income for Barack and Michelle, and it is believed that royalties from his books have diminished. Mr. and Mrs. O were previously paying over 20% in federal income tax, but that rate has been lowered since they are now collectively making less money. Still, some believe that the Obama's should have paid more in taxes, as some in the country see 1/4 on their hard earned income go right to Uncle Sam.
"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 (sic)," NBC News reported.
So, Obama pays $112K -- what do you make of that amount based on the couple's earned income?
© Effie Orfanides 2013
"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," NBC News reported, adding that the Obama's gave about a quarter of their earned income to charity last year.
Obama pays $112K, which seems low to some people -- but the Prez and his wife had a lot of write-offs. Also, this was the lowest reported income for Barack and Michelle, and it is believed that royalties from his books have diminished. Mr. and Mrs. O were previously paying over 20% in federal income tax, but that rate has been lowered since they are now collectively making less money. Still, some believe that the Obama's should have paid more in taxes, as some in the country see 1/4 on their hard earned income go right to Uncle Sam.
"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 (sic)," NBC News reported.
So, Obama pays $112K -- what do you make of that amount based on the couple's earned income?
© Effie Orfanides 2013
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