Tags: Obamas | Taxes | income | biden

Obamas Paid 20.5% in U.S. Taxes on $789,674 in 2011 Income

Friday, 13 Apr 2012 11:32 AM

President Barack Obama and his wife, Michelle, paid a 20.5 percent federal tax rate on $789,674 in adjusted gross income for 2011, according to tax returns released by the White House.

The Obamas’ income dropped from $1.7 million in 2010 and $5.5 million in 2009. Obama, who earns a $400,000 annual salary as president, received most of the rest of his 2011 income from sales of his books.

Because they earned less than $1 million in 2011, the Obamas wouldn’t be subject to the Buffett rule, the proposed minimum tax on high earners the president has been pushing for in his re-election campaign.

“Under the president’s own tax proposals, including the expiration of the high-income tax cuts and limitations on the value of tax preferences for high-income households, he would pay more in taxes while ensuring we cut taxes for the middle class and those trying to get in it,” Jay Carney, the White House press secretary, said in a blog post today.

The federal tax filing deadline this year is April 17.

Vice President Joseph Biden and his wife, Jill, reported paying $87,900 in taxes on $379,035 in adjusted gross income for a 23.2 percent rate. The White House also released their returns today.

Republican presidential candidate Mitt Romney, a former Massachusetts governor, released an estimated 2011 tax return earlier this year. His final 2011 return will be released when it is filed, spokeswoman Andrea Saul said in an e-mail.

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Friday, 13 Apr 2012 11:32 AM
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