The Obamas Made Nearly $800k in 2011
Earlier today, the White House released the 2011 tax returns for both the Obamas (Barack and Michelle) and the Bidens (Joe and Jill Biden).
In 2011, Barack and Michelle combined to make $789,674 in total adjusted gross income. This included:
$394,821 in salary (President of the United States)
$10,694 in taxable interest
$441,369 in business income (book sales)
-$3,000 Capital Loss
$698 in Rental real estate, royalties, partnerships, S corporations, trusts, etc
Add up these numbers and you have the total income for the Obama's in 2011. Deduct $5,911 for "Deductible part of self-employment tax" and $49,000 for "Self-employed SEP, SIMPLE, and qualified plans" and you are left with an adjusted gross income of $789,674.
In total, the Obamas paid $162,074 in total tax to the federal government, which gave them an effective federal income tax rate of 20.5%. The Obamas also paid $31,941 in state income tax (Illinois).
The Obamas donated $172,130 to various charities in 2011. The Fisher House Foundation received the most money from the Obamas last year($117,130).
In terms of Barack Obama's 2011 business income, $269,710 came from Dystel & Goderich and $218,218 came from Random House.
The Obamas made $1.7 million in 2010 and $5.5 million in 2009, thanks to advances and royalty books from Barack Obama's multiple books.
Source: WhiteHouse.gov - President Obama and Vice President Biden's 2011 Tax Returns
Filed under: General Knowledge