Obama Tax Return: President's Income Down 23 Percent

The Obamas donated about a quarter of their 2012 income to charity, their tax returns showed

By An Phung
|  Monday, Apr 15, 2013  |  Updated 7:24 AM CDT
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Obama Tax Return: President's Income Down 23 Percent

Bloomberg via Getty Images

A copy of the U.S. Department of the Treasury Internal Revenue Service (IRS) 1040 Individual Income Tax form for the 2012 tax year belonging to U.S. President Barack Obama and first lady Michelle Obama is arranged for a photograph in Washington, D.C., U.S., on Friday, April 12, 2013. President Barack Obama and first lady Michelle Obama earned $608,611 in adjusted gross income in 2012, down 23 percent from 2011 as royalties from Obama's books continued to decline, tax returns released today showed.

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President Barack Obama and First Lady Michelle Obama released their federal income tax returns for 2012 (.pdf) on Friday, and the First Wallet took a bit of a hit: the Obama's adjusted gross income was about 23 percent less than what it was in 2011. Their federal income tax rate was 18.4 percent, down from 20.5 percent the prior year.

The Obamas donated about a quarter of their income to 33 different charities, with the Fisher House Foundation — which provides housing to veterans being treated at military hospitals — receiving the bulk of that money. They received $103,871 in donations from the Obamas.

Vice President Joe Biden and wife Dr. Jill Biden also released their federal income tax returns (.pdf), as well as their income tax returns for Delaware and Virginia.

Here is how they stacked up:

The Obamas 2012 2011
Adjusted Gross Income $608,611 $789,674
Total Federal Tax Paid $112,214 $162,074
Donations $150,034 $172,130
Donations as a Percentage of AGI 24.6% 22%
Federal Income Tax Rate  18.4% 20.5%

 

The Bidens 2012 2011
Adjusted Gross Income $385,072 $379,035
Total Federal Tax Paid $87,851 $87,900
Delaware $13,531 $13,843
Virginia $3,593 $3,614
Donations $7,190 $5,540
Federal Income Tax Rate 22.8% 23.2%

Source: U.S. Gov.

 

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