You are currently viewing the printable version of this article, to return to the normal page, please click here.

Obamas paid 18.4 percent tax rate for 2012

Question of the Day

Is it still considered bad form to talk politics during a social gathering?

View results

With his book sales down in 2012, President Obama made roughly $180,000 less than the previous year and reported the lowest income since taking office in tax returns made public Friday.

Mr. Obama and the first lady filed their income taxes jointly and reported adjusted gross income of $608,611, down from $789,674 the previous year, for an effective tax rate of 18.4 percent.

Most of the first family’s income comes from the president’s $400,000 annual salary, but the president also earned $258,772 in royalties from his 1995 memoir, “Dreams From My Father”; his 2006 political playbook, “The Audacity of Hope,” and a 2010 children’s book, “Of Thee I Sing: A Letter to My Daughters.” 

Notably, those royalties have declined steadily in the past four years, from $5.5 million in 2009, to $1.73 million in 2010 to $790,000 in 2011.

For 2012, the Obamas paid $112,214 in federal taxes, compared to approximately $157,000 the year before. Their effective tax rate for 2011 was 20 percent.

The president and first lady also reported donating $150,034 — or about 24.6 percent of their adjusted gross income — to 22 charities. The largest reported gift to charity was $103,871 to the Fisher House Foundation, an organization that provides free or low-cost lodging to veterans and military families receiving treatment at military medical centers.

Other charitable groups that received donations from the president for $5,000 or less include the American Red Cross, Habitat for Humanity, Boys & Girls Clubs of America and the United Negro College Fund.

Vice President Joseph R. Biden and his wife, Jill, also released their tax returns, reporting $385,072 in adjusted gross income and paying $87,851 in total federal tax for 2012. The amount was roughly the same as it was the previous two years.

The couple contributed $7,190 to charity, including $2,400 to the annual Catholic Appeal for the Diocese of Wilmington, Del.; $1,000 to the Westminster Presbyterian Church and $1,000 to the Northern Virginia Community College Education Foundation. They also donated $2,000 worth of household items to Goodwill and the Ministry of Caring, a Wilmington-based nonprofit serving the poor and homeless.

While most of their income came from their salaries, the Bidens also took in $26,400 from renting a college on the property of their Delaware home to the Secret Service. They netted $17,944 on that rental money.

 

© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.

Comments
blog comments powered by Disqus
TWT Video Picks