Obama’s Tax Returns Show The First Family Made Over $600,000 In 2012
President Barack Obama released his federal income tax returns today, revealing that he and the first lady brought in an adjusted gross income of $608,611.
The Obamas paid $103,214 in taxes. This came from a tax rate of 18.4, which the president has sought to rise through policy proposals such as the Buffett Rule aimed at raising taxes on families that make over $250,000. The Obamas paid an additional $29,450 in state income taxes to Illinois.
President Obama and Michelle Obama also donated an additional $150,034 — nearly one quarter of their income — to 33 different charities. $103,871 went to one charity in particular, the Fisher House Foundation.
As president, Obama’s federal salary amounts to $400,000 a year. Earlier this month the president announced that he will give five percent of his 2013 salary to charity as an act of solidarity with thousands of federal employees who will be furloughed as a result of the sequester. This amounts to roughly $20,000.
Vice President Joe Biden and Dr. Jill Biden also released their 2012 federal income tax returns today. Together, the Bidens brought in an adjusted gross income of $385,072. They paid $87,851 in federal taxes, $13,531 in Delaware taxes, and $3,595 in Virginia taxes. They gave an additional $7,190 to charity. The vice president has also committed to donating 5 percent of his salary if his staff is affected by the sequester budget cuts.
The Bidens have a substantially smaller income than much of Congress. Secretary of State John Kerry used to be one of the wealthiest members of Congress when he was still a senator. His wife is reportedly worth more than $1 billion. OpenSecrets.org shows Representative Michael McCaul of Texas as the wealthiest politician still in Congress, worth over half a billion dollars.
President’s Obama’s federal salary does not represent the bulk of his income. He has made a substantial amount of money from his books, making the Obamas millionaires. Obama’s complete tax returns are available for download from the White House website.