Obama, like everyone, must face the tax man. Here are his numbers.
President Obama is wealthy, but his income has been dropping in recent years, mainly due to a decline in book revenues. In releasing his 2012 return, the White House again pushed for tax reform.
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In all, Mr. and Mrs. Obama reported donating $150,034 – or about 24.6 percent of their adjusted gross income – to 33 different charities.Skip to next paragraph
Staff writer and editor
Brad Knickerbocker is a staff writer and editor based in Ashland, Oregon.
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In addition to federal income taxes, the Obamas paid $29,450 in state income tax to Illinois. Itemized deductions include $26,751 in real estate taxes and $45,046 in mortgage interest.
Obama counts himself among the wealthiest Americans, but his annual income has been dropping in recent years, largely due to a decline in book royalties. For 2011, the Obamas reported paying federal income taxes totaling $162,074, plus $31,941 in Illinois state income taxes, on $789,674 in income.
“While that’s far above the average American salary, it’s a lot less than in his each of his first two years as president,” Politico reported at the time. “In 2010, the Obamas reported a gross adjusted income of $1,795,614 and paid federal income taxes of 23 percent. In 2009, they reported a gross adjusted income of $5,505,409, including $1.4 million in Nobel Prize award money.” (Obama donated his Nobel winnings to charities, including the Fisher House Foundation and the Clinton Bush Haiti Fund.)
The White House announced last week that Obama will turn back to the Treasury Department 5 percent of his salary this year ($20,000) as a sign of solidarity with government employees affected by the sequester.
Vice President Joe Biden, who grossed just over half of what the president did in 2012, “has said he will share the pain of sequestration that his office's staff [members] face, but has not yet detailed what that would mean,” according to Politico.
For 2012, Joe and Jill Biden reported an adjusted gross income of $385,072 on which they paid $87,851 in federal taxes. They paid $13,531 in Delaware income tax and $3,593 in Virginia income tax, as well. They have a residence in Delaware, and Dr. Biden teaches at a community college in Virginia.
The Bidens gave $7,190 to charity in 2012, including $2,400 to the Catholic Diocese of Wilmington. Donations of furniture, household goods, and exercise equipment were valued at $2,000.
While most of their income came from salaries, the couple also grossed $26,400 from renting a cottage on the property of their Delaware home to the Secret Service, Politico reports. They netted $17,944 on that amount.