As of now, I am in control here, in the White House

Obamas 2012 Income Just Over $600,000

From the Wall Street Journal:

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 rate is fairly low for people of the Obamas’ means, but a big part of the reason appears to be that they gave a particularly large amount to charity – $150,034, or about 24.6% of their adjusted gross income.

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12 Responses to Obamas 2012 Income Just Over $600,000

  1. ABC news conveniently omitted the 18.4% rate (lower than Obama’s secretary) in reporting on this reduction in income, and the New York Times was careful to state that the rate would have been higher had the Republicans gone along with Obama’s tax requests. Neither mentioned that Mr. Obama declined to write a check to demonstrate that “sometimes you’ve made enough” — and that he got some tax breaks not available to the middle class, like a $115,000 “capital loss”, while gaining $992,000 on the sale of a Treasury note.

    Does anybody know why his salary, statutorily set at $400,000, shows up on his tax returns as $394,840?

    • and that he got some tax breaks not available to the middle class, like a $115,000 “capital loss”, while gaining $992,000 on the sale of a Treasury note.

      Whoa–wait a hot one! His blind trust or whatever is not involved in these numbers?

      • He’s made similar sales of Treasury notes in the past. The returns also show a loss of $3,500 for bond premium amortization and a loss of $1,400 for interest paid on securities — apparently the same securities that produced $16,000 in interest.

        The $992,000 sale of a Treasury note on 4/2/12 is listed as personal, not a trust. That note was short term. Another note — long term — was sold for $1,015,000 on 8/31/12. Kinda makes you wonder what they did with the $2 million in proceeds. Also, correction, the $115,000 figure above is actually a $112,516 long term capital loss carryover to next year.

        Oh to be one of the 1%….

  2. After one deducts federal taxes and charitable donations, the Obamas have $346,363 left. They probably pay state property taxes on their Chicago home; may not pay state income tax. Their daughters’ school bill amounts to about $80,000 a year. So they have about $246,000 to live on. Given that they do not pay rent, utilities, car expenses, maids, and health care costs, that $246,000 can go far. But can it pay for all the clothes and vacations? Are there some freebies — especially on the clothing side. Wonder if free clothing is be taxable income. The IRS says free coffee, bagels and soda at work may be taxable income.

    • Guaranteed Moochelle is not paying for those high-end dresses. Guaranteed they are donated for tax breaks to the designers. Who knows, some of them may end up with a cultural trip to Cuba.

  3. Wonder how much of their ‘charitable’ giving was actually from their
    private funds. Perhaps some of their wealthy buddies donated in the name Obama?

  4. I am not impressed by the Prez and Miz’s charitable giving.

    They want to take a certain level of money away from people and spend it on government programs.

    They minimize what is taken away from them for the gov’t and then EXERCISE CHOICE in how they distribute the rest of the amount needed to be despirsed (sp?) in order to make it appear they are “paying their fair share.” Well, most of us would rather CHOOSE what charity receives our support instead of having the government choose what our money supports.

    If they had given their 29% directly to the government and then spend money on charity, I would have been impressed. Am not impressed with this game playing.