SIGN UP FOR THE BREITBART EMAIL NEWSLETTER

Obamas Paid 18.4% In Federal Incomes Taxes

Obamas Paid 18.4% In Federal Incomes Taxes

President Barack Obama and First Lady Michelle Obama paid an effective tax rate of just 18.4% in 2012 federal income tax.

The figures, released by the White House, come as Obama included in his recently released budget the so-called “Buffett Rule,” which would slap a 30% minimum tax on anyone earning $1 million.

The Obamas paid $112,214 in federal taxes and $29,450 in Illinois state income tax on an adjusted gross income of $608,611–$274,000 of which came from the president’s book royalties. The Obamas’ gross adjusted income fell significantly from 2011, when it was $789,674 and even further from the $5.6 million in 2009. 

During the 2012 presidential campaign, Obama attacked Republican rival Mitt Romney for having paid an effective tax rate of 15%. Romney paid a lower tax rate because the bulk of his income was derived from investments. 

The Obamas’ tax filings also reveal that the first couple donated 24.6% to charity, a sum still under the 29.4% the Romneys donated in 2011. Vice President Joe Biden and Dr. Jill Biden increased their charitable giving last year from 1.5% in 2011 to 1.87% in 2012. 

P.S. DO YOU WANT MORE ARTICLES
LIKE THIS ONE DELIVERED RIGHT TO YOUR INBOX?
SIGN UP FOR THE DAILY BREITBART NEWSLETTER.


Comment count on this article reflects comments made on Breitbart.com and Facebook. Visit Breitbart's Facebook Page.

SIGN UP FOR THE OFFICIAL
BREITBART EMAIL NEWSLETTER

GET TODAY'S TOP NEWS DELIVERED RIGHT TO YOUR INBOX

I don't want to get today's top news.

x