President and Mrs. Obama released their tax returns this morning, reporting earning $789,674 last year, half from the president’s annual $400,000 salary and the other half from income from his books.
From the White House:
Today, the President released his 2011 federal income and gift tax returns. He and the First Lady filed their income tax returns jointly and reported adjusted gross income of $789,674. About half of the first family’s income is the President’s salary; the other half is from sales proceeds of the President’s books. The Obamas paid $162,074 in total tax.
The President and First Lady also reported donating $172,130 – or about 22 percent of their adjusted gross income – to 39 different charities. The largest reported gift to charity was a $117,130 contribution to the Fisher House Foundation. The President is donating the after-tax proceeds from his children’s book to Fisher House, a scholarship fund for children of fallen and disabled soldiers.
The President’s effective federal income tax rate is 20.5 percent.
The Bidens took in $379,035 and paid $87,900 in federal taxes.