Saturday, April 13, 2013

Obamas' Tax Return Shows Lower Earnings -

Obamas' Tax Return Shows Lower Earnings - 

WASHINGTON—President Barack Obama and First Lady Michelle Obama paid $112,214 in federal income taxes in 2012 on adjusted gross income of $608,611, an effective rate of 18.4%, the White House said Friday. 
The first family's income declined from the $789,674 in adjusted gross income they reported in 2011. That year they paid total federal taxes of $162,074, an effective rate of 20.5%. Their 2012 income continues a steep decline from 2010 when they reported $1.7 million in adjusted gross income, the bulk of which was royalties from sales from books written by Mr. Obama.
The Obamas paid $29,450 in state income tax to Illinois for 2012. 
As in recent years, the Obamas made significant contributions to charity. In 2012, they gave $150,034—or about 24.6% of their adjusted gross income—to 33 different charities. The largest reported gift to charity was $103,871 to the Fisher House Foundation, a group that provides free housing to family members of injured military veterans. ...

I'm surprised and a little disappointed that Drudge is making such a big deal about this by saying his tax rate is just 18%.

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