By COREY BOLES
WASHINGTON—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 Obamas paid $29,450 in state income tax to Illinois for 2012.
As in recent years, the Obamas made significant contributions to charity. In 2012, they gave $150,034—or about 24.6% of their adjusted gross income—to 33 different charities. The largest reported gift to charity was $103,871 to the Fisher House Foundation, a group that provides free housing to family members of injured military veterans. The release of the 2012 tax returns comes as the debate over what level of taxes the wealthy should pay shows signs of heating up again as the president makes another push for a “grand bargain” on deficit reduction.
Landlord Joe Biden pocketed $26,400 in 2012 renting cottage to the Secret Service. Gives 2% to charity.
By Susan Crabtree
The Washington Times
Friday, April 12, 2013
They netted $17,944 of that rental money.
The arrangement under which the vice president charged the Secret Service personnel for staying on his Delaware property was first reported by The Washington Times in 2011.
The 2012 payouts were part of the $385,072 in adjusted gross income the Bidens reported to the IRS in 2012, according to their 2012 tax returns.
They reported paying $87,851 in total federal tax for 2012. The amount was roughly the same as it was the previous two years.
The couple contributed just $7,190 to charity, including $2,400 to the Annual Catholic Appeal for the Diocese of Wilmington, Del., $1,000 to the Westminster Presbyterian Church and $1,000 to the Northern Virginia Community College Education Foundation.
They also donated $2,000 worth of household items to Goodwill and the Ministry of Caring, a Wilmington-based nonprofit serving the poor and homeless.
The Bidens listed donations of clothing, boots, kitchenware, glassware, bicycles, toys, pottery and kitchenware to Goodwill and furniture and exercise equipment to The Ministry of Caring.