President Obama and First Lady Report Income of $608,611

Earlier today, the President and Vice President released their 2012 federal income tax returns via Whitehouse.gov.

The President and First Lady reported an adjusted gross income of $608,611 in 2012. The Obamas donated $150,034 to a total of 33 different charities, with the Fisher House Foundation receiving the majority ($103,871) of the money.

The Obamas paid a total of $112,214 in tax on their federal income tax return, which meant that their effective federal income tax rate last year was 18.4%.

The Obamas also paid $29,450 in state income tax (Illinois).

Let's take a look at the Obamas income (adjusted gross income) history since they took the White House:

2012 - $608,611
2011 - $789,674
2010 - $1,728,096
2009 - $5,505,409

President Obama's income swelled when he first took the White House thanks to the strong sales of his various books. In addition to the money from his book sales, Barack Obama also receives an annual salary of $400,000 for his role as President of the United States.

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The Bidens reported a total adjusted gross income of $385,072 in 2012. They paid $87,851 in total federal income tax in 2012, as well as $13,531 (Delaware) and $3,593 (Virginia) in state income taxes.

The Bidens contributed a total of $7,190 to charity in 2012.

Let's look at the Bidens income history (adjusted gross income) since 2009:

2012 - $385,072
2011 - $379,035
2010 - $379,178
2009 - $333,182

Joe Biden receives an annual salary of $230,700 for his role as Vice President of the United States.

Source: WhiteHouse.gov - President Obama and Vice President Biden's 2012 Tax Returns

Filed under: General Knowledge