Obamas’ tax return reveals drop in pay, 18 percent tax rate
US President Barack Obama holds a Navy football helmet at the White House on April 12, 2013 in Washington, DC. Obama presented the Commander-in-Chief Trophy to the Naval Academy’s football team for having the best overall record of the three US military academies.
It was a good year for the Obamas – at least according to their tax return — who earned a combined $608,611 in 2012.
They paid more than $112,000 (about 18 percent) in taxes and donated nearly one-quarter of their earnings to charity, White House press secretary Jay Carney said in a blog post.
“The president believes we must reform our tax system which is why he has proposed policies like the Buffett Rule that would ask the wealthiest Americans to pay their fair share while protecting families making under $250,000 from seeing their taxes go up,” Carney wrote.
Of the 33 charities that received donations from the Obamas, they gave more than $103,000 to Fisher House Foundation, a home for veterans and their families during illness or hospitalization.
The president himself earned nearly $400,000, of which $258,000 came from book royalties, USA Today reported.
While his income is undoubtedly comfortable, it is considerably lower than what it was just a few years ago.
Due mainly to better book revenues, the Obamas earned $5.5 million in 2009, NBC News reported.
You can download tax returns from the Obamas and Vice President Joe Biden from the White House website.
The Bidens earned $385,000 last year.