President Barack Obama and First Lady Michelle have just released their tax return. The Obamas made close to $800,000 in 2011 and paid a federal income tax rate of 20.5%.
According to Politico, less than half of the Obamas income came from the President’s pre-tax salary of $400,000. The majority of their $789,674 income came from the President’s books. The Obamas paid $162,074 in federal income taxes and $31,941 in Illinois state income taxes.
The New York Times reports that the Obamas $800,000 income was down about $1 million from 2010 when the President’s books were hot on the shelves.
Obama released his taxes along with a statement saying that he believed that he should be paying a higher tax rate. President Obama, who is pushing for the “Buffett Rule,” said in his statement that he is asking “the wealthiest Americans to pay their fair share while protecting families making under $250,000.”
Obama said in his weekly address last week:
“We don’t envy success in this country. We aspire to it. But we also believe that anyone who does well for themselves should do their fair share in return, so that more people have the opportunity to get ahead – not just a few.”
The Biden’s also released their taxes. Joe Biden and his wife Jill reported an income of $379,035. They paid $87,900 in taxes.
The NY Times reports that Mitt Romney recently released 547 pages of tax documents and earned about $42.5 million over 2010 and 2011. The Romneys paid $6.2 million with an effective tax rate of 13.9 percent in 2010 and 15.4 percent in 2011.