Monday, 15 April 2013

Obama tax return: President's return revealed shows he made $690K, paid $112K

Obama tax return: President's return revealed shows he made $690K, paid $112K, Tax day is almost here and all Americans will need to file their taxes, and that includes those that inhabit the White House. A report from Voice of America on Saturday, April 13, 2013, shows that President Barack Obama paid an effective federal tax rate of 18.4 percent in 2012 and saw income from his books drop as he ran for re-election.

The president's adjusted gross income of $608,611 and a total of $112,214 in taxes for 2012.

View slideshow: Images of the Obamas' and Bidens' tax returns
The Obama family gave almost a quarter of its income to charity, and that includes a $103,871 donation to the Fischer House Foundation. The organization "donates 'comfort homes' built on the grounds of major military and VA medical centers."

A number of other entities receiver sizable charitable donations from the Obamas included the Boys and Girls Club, Sidwell Friends school where their daughters are enrolled, and the American Red Cross.

President Obama's income has dropped throughout his presidency, as royalties from his books have begun to fall off. Back in 2009, the couple reported a gross income of about $5.5 million. In 2012, the Obamas reported an income of $789, 674 on which they paid $162,074 in taxes and gave $172,130 to charity.

In 2012, their effective federal tax rate was 20.5 percent.

The president has always campaigned for the idea that higher-income Americans should pay "their fair share" in taxes. That includes himself. He also believes those with incomes under $250,000 should not be subject to any tax increases.

Vice President Joe Biden and his wife Jill had their tax returns revealed as well. The Bidens reported a gross income of $385,072 and paid $87,851 in federal taxes in 2012. They gave a reported $7,190 to charity.

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