Income-tax bill drops for Obamas

President Barack Obama gestures as he speaks about his proposed fiscal 2014 federal budget, Wednesday, April 10, 2013, in the Rose Garden of the White House in Washington. (AP Photo/Charles Dharapak)
President Barack Obama gestures as he speaks about his proposed fiscal 2014 federal budget, Wednesday, April 10, 2013, in the Rose Garden of the White House in Washington. (AP Photo/Charles Dharapak)
Posted: April 14, 2013

WASHINGTON - President Obama and his wife, Michelle, reported paying $112,214 in taxes last year on $608,611 in adjusted gross income for an effective federal income tax rate of 18.4 percent, the White House announced Friday.

That marks a decline from the Obamas' adjusted gross income of $789,674 in 2011, when they paid slightly more than 20 percent of it in federal taxes. The president earns a salary of $400,000, while the first lady receives no pay.

The president continues to receive royalties from his published books; declining sales appear to have contributed to his drop in income between 2011 and 2012.

In 2012, the Obamas also reported donating roughly one-quarter of their income, $150,034, to 33 different charities, including the Fisher House Foundation, which provides temporary housing for the families of wounded veterans.

In a statement releasing the Obamas' tax returns on Friday afternoon, White House press secretary Jay Carney wrote that the president wants to raise the income-tax rate for himself and other wealthy Americans.

"The President believes we must reform our tax system which is why he has proposed policies like the Buffett Rule that would ask the wealthiest Americans to pay their fair share while protecting families making under $250,000 from seeing their taxes go up," Carney wrote. "Under the President's own tax proposals, including limitations on the value of tax preferences for high-income households, he would pay more in taxes while ensuring we cut taxes for the middle class and those trying to get in it."

The Obamas, who maintain their residence in Chicago, also reported paying $29,450 in Illinois state income taxes.

Also on Friday, the White House released the tax returns of Vice President Biden and his wife, Jill. The Bidens reported combined adjusted gross income of $385,072. The vice president earned a salary of $225,540, while Jill Biden was paid $82,046 through her job as a professor at Northern Virginia Community College.

The Bidens reported paying $87,851 in total federal taxes on their combined income, a rate of about 22.8 percent. They also reported paying $13,531 in state income taxes in Delaware, where they maintain their primary residence, and $3,593 in Virginia, where Jill Biden is employed.

The Bidens contributed $7,190 to charity in 2012. The couple reported donating clothing, boots, kitchenware, glassware, furniture, exercise equipment, bicycles, toys, games, and pottery to Goodwill and the Ministry of Caring, both in Delaware.

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