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President Obama and First Lady Michelle Obama paid $112,214 in federal taxes on $608,611 in income last year for a tax rate of 18.4 percent, which is slightly lower than the average rate paid by others in their income bracket. Most American households making between $500,000 and $1 million paid a 20.6 percent rate in 2012, according to the nonpartisan Tax Policy Center. In spite of the lower tax rate, the Obamas still managed to overpay taxes last year to the tune of $16,815, according to their tax returns, which were released by the White House on Friday.

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...

Google avoided about $2 billion in global income taxes last year by shifting $9.8 billion in revenue into a Bermuda shell company, Bloomberg reported. That level is almost double the total from three years ago, Bloomberg said, citing a Nov. 21 regulatory filing by a Google subsidiary in the Netherlands. And it allowed Google to cut its overall tax rate almost in half. Google's action -- moving about 80 percent of its total pretax profit from 2011 to tax-free Bermuda -- isn't illegal. On the contrary, many companies have taken similar steps in recent years to avoid paying steep taxes....

Dan from Squirrel Hill's Blog The following rich liberals have all used legal tax shelters to legally lower their taxes The following rich liberals have all used legal tax shelters to legally lower their taxes:Debbie Wasserman SchultzThe Weekly Standard reports:Disclosure forms reveal that Democratic National Committee chair Debbie Wasserman Schultz, a member of Congress from Florida, previously held funds with investments in Swiss banks, foreign drug companies, and the state bank of India. This revelation comes mere days after the Democratic chair attacked presumptive Republican presidential candidate Mitt Romney for holding money in Swiss bank accounts in the past.Nancy PelosiThe Daily...