President Barack Obama paid an effective federal tax rate of 18.4 percent in 2012 and saw income from his best-selling books drop as he ran for re-election, according to his tax returns released by the White House on Friday, April 12, Reuters reported.
Obama and his wife Michelle had adjusted gross income of $608,611 last year, down from $789,674 in 2011, and paid $112,214 in total taxes, compared to $162,074 in 2011.
Their total income came in at $662,076 – down almost 22 percent from $844,585 the previous year.
As president, Obama is entitled to a $400,000 annual salary. He reported salary income in 2011 and 2012 of $394,800, however, after deducting pre-tax amounts he paid for his health insurance premium, according to a White House official.
The Obamas' outside business income fell sharply as the president's book sales declined. In 2012, the couple had business income of $258,772, down from $441,369 in 2011.
The Obamas reported giving $150,034 to charities, representing roughly 25 percent of their adjusted gross income. The largest gift was $103,871 to the Fisher House Foundation, an organization that provides housing for military families near military hospitals.
Vice President Joe Biden and his wife, Jill, reported adjusted gross income of $385,072 and paid $87,851 in total federal taxes last year. Their charitable contributions amounted to $7,190, including some $2,000 in donated clothing and other items.
