Obamas' Income Fell $180K Last Year
Friday, 12 Apr 2013 05:41 PM
By Todd Beamon
President Barack Obama and first lady Michelle Obama grossed less money in 2012 than they did the year before, according to tax documents released by the White House on Friday.
The Obamas income totaled $608,611 in 2012 — and they paid $112,214 in total taxes, The Hill reports.
Meanwhile, the first family donated $150,034 to 33 charities, which represented almost a quarter of their gross income.
Obama also made $258,772 from book royalties — and the couple’s effective federal income tax rate was 18.4 percent.
But the income and the effective tax rate declined for the Obamas, compared with 2011. That year, their income totaled $789,674, paying an effective rate of 20.5 percent.
However, the first couple gave away more money in 2011: $172,130 to 39 charities.
The largest donation the Obamas made in 2012 was $117,130 to the Fisher House Foundation.
The president donates the proceeds from his children’s book — “Of Thee I Sing: A Letter to My Daughters” — to the charity’s scholarship fund.
The Fisher House Foundation supports the children of fallen and disabled soldiers.
Meanwhile, Vice President Biden and his wife Jill reported an income of $385,072 — including $25,297 in Social Security benefits — and paid $87,851 in total federal taxes.
The Bidens gave away $7,190 to charity in 2012 — and their effective tax rate was 22.8 percent.
That compared with an income of $379,035 reported by the Bidens in 2011, and a federal tax payment of $87,900. The couple had contributed $5,540 to charity.
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