Posted on 04/12/2013 11:40:05 AM PDT by Sub-Driver
Obama's 2012 return: $112K in federal taxes on $609K in income By Justin Sink - 04/12/13 02:01 PM ET
President Obama and first lady Michelle Obama reported income of $608,611 in 2012 and paid $112,214 in total taxes, the White House announced Friday.
Tax documents released by the White House show the first family donated $150,034 to 33 different charities, representing nearly a quarter of their gross income. In addition to his federal salary, Obama made $258,772 from book royalties. The president's effective federal income tax rate was 18.4 percent.
That represents a decline in both income and effective tax rate for the first family from 2011, when the president saw an income of $789,674 and paid an effective rate of 20.5 percent. The Obamas also made a larger charitable contribution in 2011, donating $172,130 to 39 different charities.
In 2012, the Obamas' largest charitable donation was $117,130 to the Fisher House Foundation. The president donates the proceeds from his children's book to a scholarship fund organized by the charity for children of fallen and disabled soldiers.
The release of the tax returns comes just two days after the president revealed his 2014 budget, which called for the adoption of the so-called Buffet Rule that aims to put a floor on the deductions the wealthiest Americans can take on their income taxes. Under the president's plan, no household making more than $1 million would pay less than a 30 percent income tax rate, with exceptions for charitable donations.
"The president believes we must reform our tax system which is why he has proposed policies like the Buffett Rule that would ask the wealthiest Americans to pay their fair share while protecting families making under $250,000 from seeing their taxes go up," White House press secretary Jay Carney said in a statement. "Under the president’s own tax proposals, including 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."
Vice President Biden and his wife Jill reported an income of $385,072 — including $25,297 in Social Security benefits — and paid $87,851 in total federal tax. The Bidens also contributed $7,190 to charity in 2012; the family's effective tax rate was 22.8 percent.
In 2011, the vice president reported an income of $379,035 and paid $87,900 in federal taxes. That year, the Bidens contributed $5,540 to charity.
The tax returns can be viewed here.
So he’s one of those EEEeeevil 1%???
well, I think he’s paying plenty.
nobody should have to pay that much, actually....
just my opinion
take it or leave it
(A fair tax at maybe 15 percent of income above the amount reasonably necessary to keep alive.... should be capable of paying for all the govt we need ... especially if we can cut out all his support of the MuslimBrotherhood and other Islamicist or terrorist or dictatorial regimes)
how much is accruing in his “stash” in the Caymans.
Barry and the Mooch only made 609K. LOL!
Paying the fair share is far more than paying a percentage of your income - it’s a percentage of what you have after the bare necessities.
Consider the average American Citizen - who pays over $1,000/month for his home or rent, has a car payment, pays utilities to say warm, pays for food to feed his family, has medical expenses to maintain his families health. We MAYBE get a single vacation every year, or every other year and they are seldom exceed a couple thousand dollars for the family.
Obama, like every other president gets his rent for FREE, he has a personal staff of chefs providing 24 hour service, 24 hours a week with an unlimited grocery bill paid by taxpayers. He is chauffeured by limousines that are not only paid for by the taxpayers, but the gasoline, maintenance, insurance and drivers are provided FREE. He spends more on the smallest, most insignificant vacation than the average American family will spend in their entire lifetime, and takes more time off in a single term than the average family will spend together in 20 years.
No mortgages, no utilities, no car payment, no food bills, no gas, no vacation expenses .... what bill does this man have?
No wonder he has no problem champion higher taxes, he has no comprehension of having a budget and paying a bill - as he has never worked a job in his life, and likely never will.
How about he gets the “imputed income” and the attached tax burden from use of the company vehicle the way everybody else does???
Article says: “The president’s effective federal income tax rate was 18.4 percent.”
Obama made $258,772 from book royalties.
Since the salary of the president is $400,000, shouldn't his reported income be at least $658,772?
Just add up what’s spent on the Illegal’s, Moochelle’s, and the princesses’ vacations and entertainment while at the White Hut and compare it to the $600,000+ income and the income’s a joke. Any ordinary millionaire with that income and that lifesyle would be broke in a year.
So where did he get the 12M he has????
At least he donates more to charity than Bite Me.
No: "Dear Leader Obama . . . reported income of $608,611". That is quite different from him only bringing in $609k. Fortunately, the IRS works for him, so the communist will not be audited. Some animals are more equal than others.
Fair share.
Fair share.
What about his fair share.
He’s an evil 1%er.
He’s the RICH.
Go get him.
AAAAAAAAAAAAAAH.
</occupy>
He continues to pay less than the Bush Rates.
As does EVERY celebrity that calls for us to pay more taxes.
If 10% is good enough for God, it should be enough for government.
He also gets a lot of free vacations, travel and a house and food for free. And he exploits those government perks to the max. So he really is paying a lot less than 22% if you take into account all the free stuff he gets.
That’s correct. He should have 0 deductions. Hope to see him in an orange jumpsuit one day.
See tagline.
I paid roughly the same amount of tax on 200k less income. Of course with 2 kids in private college I didn’t have 150k to give to charity.....
I souls love to lower my tax rate to his. The reality is we both paid way too much. The difference is I realize it and I’m not trying to confiscate still more $ from others
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