WASHINGTON, April 13, 2013 — Since becoming president in 2008, President Obama has seen a drop in sales of his two best sellers, “Dreams From My Father” and “The Audacity of Hope,” both which made him a millionaire, causing his personal income to fall off.
The President and First Lady Michelle Obama’s 2012 tax returns were released on Friday (view here), showing their total income in 2012 was $608,611 and they paid $112,214 in taxes, an effective federal income tax rate of 18.4%. Most of that income came from sales and royalties on his two books with the remainder coming from his annual presidential salary of $400,000.
The Obamas donated 24.6% of their income — $150,000 — to 33 charities, with Fisher House Foundation, based in the Obama’s hometown, Chicago, receiving $103,871 of that contribution. Fisher House Foundation provides free or low-cost housing for veterans who receive medical treatment at medical treatment at military hospitals.
The White House says that the Obamas’ tax rate would have been higher if Congress would pass the reform to the tax code that he has proposed, such as the Buffett Rule, asking the richest Americans to pay “their fair share while protecting families making under $250,000 from seeing their taxes go up.”
The First Couple also paid $29,450 in Illinois state income tax.
Vice President and Dr. Jill Biden reported an adjusted gross income of $385,072, paying $87,851 in federal taxes, or a 22.8% tax rate, and nearly $17,000 in state income taxes.
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