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Obama Tax Return Shows 2011 Earnings of $789,674

Obama familyWASHINGTON (AP) - The White House says President Barack Obama and his family paid more than $160,000 in federal taxes last year.

The president's 2011 federal income tax return shows reported adjusted gross income of about $790,000 last year. About half of the first family's income is the president's salary. The White House says the rest comes from sales of Obama's books.

Obama's effective tax rate is just above 20 percent - lower than many Americans who earn less. He has made tax-rate fairness a campaign issue.

The White House released a copy of the president's tax return, which also shows charitable donations of more than $172,000.

Obama is donating after-tax proceeds from his children's book to the Fisher House Foundation. The charity helps veterans and military families receiving medical treatment. Obama tax return shows 2011 earnings of $789,674.

Obama's tax form

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Cities with the Lowest Tax Rates

The total amount of tax you pay reaches far beyond what you owe the federal government. Depending on where you live, most likely you're required to pay additional taxes, including property and sales tax. The disparity between the amount of tax you pay in a low-tax city and that in a high-tax city can be dramatic. Living in any of these 10 cities could save you a bundle, although the exact amount may fluctuate based on your income and lifestyle choices.

Cities with the Highest Tax Rates

Much ado is made in the press about federal tax brackets, but cities can carry a tax bite of their own. Even if you live in a state that has no income tax, your city may levy a variety of taxes that could eat away the entire benefit of living in an income tax-free state, including property taxes, sales taxes and auto taxes. Consider all the costs before you move to one of these cities, and understand that rates may change based on your family's income level.

Great Ways to Get Charitable Tax Deductions

Generally, when you give money to a charity, you can use the amount of that donation as a deduction on your tax return. However, not all charities qualify as tax-deductible organizations. While there are many types of charities, they must all meet certain criteria to be classified by the IRS as tax-deductible organizations. There are legitimate tax-deductible organizations in many popular categories, such as those listed below.

A Freelancer's Guide to Taxes

Freelancing certainly has its benefits, but it can result in a few complications come tax time. The Internal Revenue Service considers freelancers to be self-employed, so if you earn income as a freelancer you must file your taxes as a business owner. While you can take additional deductions if you are self-employed, you'll also face additional taxes in the form of the self-employment tax. Here are things to consider as a freelancer when filing your taxes.

Tax Deductions for Voluntary Interest Payments on Student Loans

Most taxpayers who pay interest on student loans can take a tax deduction for the expense ? and you can do this regardless of whether you itemize tax deductions on your return. The rules for claiming the deduction are the same whether the interest payments were required or voluntary.

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He's my neighbor, but he's making a helluva lot more than me.

April 20 2012 at 1:18 PM Report abuse rate up rate down Reply

President Mitt Romney

What a relief! Sounds wonderful!

April 19 2012 at 12:15 AM Report abuse +2 rate up rate down Reply

Does anyone know how the Pres. qualified for a "Foreign Tax Credit"? What's that all about................

April 18 2012 at 8:32 PM Report abuse rate up rate down Reply

Not a tax professional, but as someone that makes roughly the same as the President, I find it hard to believe that he could have $250K in itemized deductions, and not owe more than $12K under the AMT.

April 17 2012 at 1:54 PM Report abuse rate up rate down Reply

Is all his job benefits being taxed--Housing and all the perks? He should be getting a 1099 on those.

April 16 2012 at 6:56 PM Report abuse +1 rate up rate down Reply
1 reply to Fuelexp's comment

He's getting what every other President before him got, and is being taxed accord to the IRS. These stories on politicians, democrats and republicans, about what they pay in taxes are dumb. Unless they lie on there taxes, they are taxes according to the law of the land. If you (not you Fuelexp, but everyone) think that our politicians are not paying enough taxes, then vote to change the tax laws.

April 16 2012 at 8:46 PM Report abuse -1 rate up rate down Reply
2 replies to Curtis's comment

you got it @$$backwards AS IT'S THEM crying for INCREASED TAXATION---
bunch of hypocritical son's of sea turtles--

April 16 2012 at 10:16 PM Report abuse rate up rate down

The issue is not whether he is paying all of the taxes he owes. Rather, the reason why its news is that it exposes what would appear to be rank hypocrisy on his part. First off, he was the one that MADE THE ISSUE OF WHAT POLITICIANS PAY IN TAXES THE ISSUE, when he called out Romney paying only 15%.

Like Obama, Romney is paying what is required under the current law. Its a bit hypocritical for the President to say Romney isn't paying his fair share, but then hide behind "I pay what the law requires" when its exposed that he also falls short of the "Buffett Rule" requirement to pay 30%. At minimum, its appears incredibly self-serving to say that people making marginally more than him should pay a minimum average tax rate of 30%, when he is only paying 20%.

That said, he isn't paying less in income taxes than his secretary, no matter how many news sources want to say that. You have to include payroll taxes in that equation to get her "average" rate over his. Of course, thats the very definition of comparing apples to oranges.

Full disclosure, I am a democrat, and I sincerely hope Obama is releected. Not because I think he's been a decent President...he's been an unmitigated disaster, and Romney's chief criticism that he wasn't "ready for prime time" has been right on the mark. Rather, I want him reelected because the single most important issue for the continued prosperity of this country is entitlement reform, and I think only a democratic President can get democratic votes in the senate to make that happen.

April 17 2012 at 1:53 PM Report abuse rate up rate down

EVERY DIME he and his wifes trips etc ...right down to green fees should be listed as his INCOME and he should be taxed on it. So if added for all the vacations he made MILLIONS MORE!!!!!!!!

April 16 2012 at 9:46 AM Report abuse +3 rate up rate down Reply
3 replies to mrscdel's comment

now with basically 790Gs....shouldn't o'bama BE paying more TAXES ?
what happened with the buffeTBS ?

April 15 2012 at 11:39 PM Report abuse +1 rate up rate down Reply
1 reply to Setanta's comment

Because the tax laws are written to shelter the rich. That not his fault or any President before him. This is the IRS rules.

April 16 2012 at 8:49 PM Report abuse -2 rate up rate down Reply
1 reply to Curtis's comment

BULL SPIT as him and his bunch are the very ones crying about making so much money and their hirelings having TO PAY MORE in taxes than they DO.

April 16 2012 at 10:18 PM Report abuse +1 rate up rate down


Individual liberty. Next question

except religious right

April 15 2012 at 6:28 PM Report abuse -2 rate up rate down Reply

One of the key things in liberal politics is they know what is best for the rest of us. The liberal politician believes in equality for all the common people. They do not put themselves in this class nor believe the laws they write pertain to them. They are elitists. The liberals that support them do not comprehend that they are considered their subjects. They want their subjects paying high taxes , riding on buses, and be happy living a marginal life. The rulers will be paying less tax and flying on private jets. The same goes for the Hollywood crowd. They think their life should be above the rules for the little people. But the liberals support them. It is hard to conclude that a liberal could be very smart.

April 15 2012 at 12:30 PM Report abuse +1 rate up rate down Reply
2 replies to KH's comment

"happy living a marginal life" interesting comment, and exactly what does the other side have to offer the middle class?

April 15 2012 at 1:04 PM Report abuse -4 rate up rate down Reply

If you listen to Obama and help change the taxs laws, he would be paying more taxes, but the conservatives keep fighting him on his plan to raise his own taxes. He paying exactly what the IRS said he owes.

April 16 2012 at 8:53 PM Report abuse -2 rate up rate down Reply
1 reply to Curtis's comment

bull---as if we never KNEW all about THEM,their ACCOUNTANTS and the loopholes--
misha and sassha whatever their names are even got GIFTED a couple of grand EACH--
gee curtis,why'd THEY do THAT ?????????

April 16 2012 at 10:22 PM Report abuse +1 rate up rate down

More discussion at FixTheNation.com about FAIRNESS, REFORM and the difference between soundbites and solutions... VOTE in November- it still it Your Voice, Your Vote, Our Country.

April 15 2012 at 11:31 AM Report abuse rate up rate down Reply
1 reply to kngathr's comment

vote and hope it doesn't get DILUTED via the FRAUD
vote and hope it even GETS COUNTED.

April 16 2012 at 10:23 PM Report abuse rate up rate down Reply