President Barack Obama and First Lady Michelle Obama are paying $98,169 in taxes this year after having an adjusted income of $481,098 in 2013, according to the White House which released the Obamas tax information on Friday – and was reported upon by Yahoo! News.
The Obamas paid an effective federal income tax rate of 20.4 percent. Last year, the First Couple donated much, much less to charity than they had previously.
The Obamas tax information is reported in 42 pages, including their Illinois state income tax return – as they have a home on the South Side of Chicago. Their tax documentation also reveals that the Obamas donated $59,251 to 32 charities. The money having gone to charity recued their overall tax bill, according to the report. The $59,251 having been donated to charities out of their $481,098 adjusted income equates to 12.3 percent of their adjusted income having gone to charities. The amount the Obamas gave to charity has dropped drastically from 2012 to 2013. In the year 2013, Obama and the First Lady reported gave $150,034 to charity..
The hugest charitable amount given by the Obamas in the past year was $8,751 having gone to Fisher House Foundation which supports military families. The previous year, the Obamas gave Fisher House Foundation $103,871.
Besides President Obama’s salary, he received income from his books last year. Book sales last year fell sharply from the year before. Random House and Dystel & Goderich Literary Management paid Obama $116,180 in book sales last year. The year before, it was $273,739 of income from book sales.
The Obamas total tax payments totaled $117,277 which means they could have received a refund of $18,108 – but they chose to put the refund toward next year’s taxes. The majority of the president’s income in the past year has been the $400,000 salary he gets for being the president.
Joe and Jill Biden, the family that comprises the Vice President’s office when he isn’t globetrotting, paid $16,444 in taxes to Delaware – the VP’s state home - last year. Charitable contributions by the Biden’s, this year, were some one-third of what the Obamas charitably gave.
Tax Day is on Tuesday.