Obamas Pay 18.4% Federal Income Taxes, Donate Big to Charity
The President and First Lady filed a joint return reporting adjusted gross income of $608,611. They paid $112,214 in taxes for an effective federal income tax rate of 18.4 percent and donated $150,034 to charity (about 24.6 percent of their earnings).
The White House press release took the opportunity to tout the so-called Buffett Rule, which it says "would ask the wealthiest Americas to pay their fair share while protecting families making under $250,000 from seeing their taxes go up." The President noted that he would pay more in taxes under his own proposals. The Obamas also paid $29,450 in Illinois state income tax.
The Bidens also filed a joint federal tax return, as well as a combined Delaware income tax return. In addition, Dr. Biden filed a separate non-resident Virginia tax return. The Vice President and his wife reported adjusted gross income of $385,072 and paid $87,851 in federal tax. They also paid $13,531 and $3,593 in state income tax to Delaware and Virginia, respectively, and gave $7,190 to charity.
To view the Obamas' and Bidens' tax returns in full, visit the White House website.