Obama Tax Rate Falls to 18.4 Percent in 2012

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U.S. President Barack Obama paid an effective federal tax rate of 18.4 percent in 2012, down a bit from the year before, when he earned more money.

President Obama Picture

The President and Michelle Obama reported adjusted gross income of $608,611 last year, a drop from $789,674 in 2011, and paid $112,214 in total taxes.

That came out to an effective 18.4 percent rate, compared to $162,074 in taxes paid, or 22 percent of their $844,585 income the previous year.

Times are tough for book sales!

The Obamas' income consists of his salary as President and royalties from his two books, which have fallen greatly from his pre-White House days.

He reported earnings in the seven figures as recently as 2009.

Last year, Barack and Michelle Obama reported giving $150,034 to various charities, representing roughly 25 percent of their adjusted gross income.

Their largest gift was $103,871 to the Fisher House Foundation, an organization that provides housing for military families near military hospitals.

In addition encouraging healthy lifestyles among youth, Michelle Obama has made supporting the military one of her top public causes as first lady.

Meanwhile, 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. 

Obama has pressed for wealthy people such as himself to pay a greater share in income taxes, and made this a major issue during the 2012 election.

GOP opponent Mitt Romney, a wealthy former private equity exec who had an effective tax rate of 14.1 in 2011, became a campaign poster boy.

Effective tax rates will vary wildly from one taxpayer to another because of the many tax breaks available, but average just 11.8 percent nationally.

Of course, this figure is also skewed.

In 2011, research shows that 46 percent of Americans paid no federal income tax at all, most of them because they were poor, elderly or unemployed.

This places a disproportionate burden on earners, conservatives argue in opposition to Obama's proposal, saying they are taxed enough as it is.

Incidentally, in 2012, the Obamas overpaid their taxes, entitling them to a refund of $16,815. They chose to apply that total to their 2013 estimated tax. 

Smart accounting.

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hope all of you clueless-liberal-cocksucking-white women who went to the polls in droves to vote for this ly-big-ear'd-commy-gun-grabbing-black gestapo-faggot are happy! In a couple years when the dollar has collapsed and your children have nothing to eat your whiney-little-feminist asses will be sorry....you worthless dopes.

Victoria mcguire

Why would anyone even believe this. Beyond the expensive vacations and his golfing trips with Hollywood elite and let alone his daughter, a very young teenagers "Spring Vacations" to Mexico all paid by us. Is this part of their tax returns. Nope. Hello America, this POS in the White House is bleeding us dry.

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good to know, GO SHOPPING FOR A NEW DRESS!!

Barack Obama Biography

Barack and Michelle Obama Barack Obama is the 44th President of the United States of America. He became a Democratic U.S. Senator from Illinois in 2004, and has... More »
Born
Birthplace
Honolulu, Hawaii
Full Name
Barack Hussein Obama II

Barack Obama Quotes

I do think in Washington, it's a little bit like American Idol. But everybody is Simon Cowell.

Barack Obama

I think I'm a pretty cool dad.

Barack Obama