Obamas' Tax Return Shows Lower Earnings

[WestVirginiaRebel]

Wall Street Journal:

WASHINGTON—President Barack Obama and First Lady Michelle Obama paid $112,214 in federal income taxes in 2012 on adjusted gross income of $608,611, an effective rate of 18.4%, the White House said Friday.

The first family's income declined from the $789,674 in adjusted gross income they reported in 2011. That year they paid total federal taxes of $162,074, an effective rate of 20.5%. Their 2012 income continues a steep decline from 2010 when they reported $1.7 million in adjusted gross income, the bulk of which was royalties from sales from books written by Mr. Obama.

The Obamas paid $29,450 in state income tax to Illinois for 2012.

As in recent years, the Obamas made significant contributions to charity. In 2012, they gave $150,034—or about 24.6% of their adjusted gross income—to 33 different charities. The largest reported gift to charity was $103,871 to the Fisher House Foundation, a group that provides free housing to family members of injured military veterans.

Meanwhile, Vice President Joe Biden and wife Jill Biden reported adjusted gross income of $385,072 in 2012, the White House said. The Bidens paid $87,851 in total federal tax for 2012, a further $13,531 in Delaware income tax and $3,593 in Virginia income tax. The Bidens contributed $7,190 to charity in 2012.

The release of the 2012 tax returns comes as the debate over what level of taxes the wealthy should pay shows signs of heating up again as the president makes another push for a "grand bargain" on deficit reduction. Democrats believe any deficit-reduction package would have to include significant new federal revenues from increased taxes on wealthy people.

Republicans have rejected this notion, saying that any further major deficit reduction measures must come from reining in federal spending, particularly on large entitlement programs such as Medicare and Medicaid, that provide health care to the elderly and poor.

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This is in keeping with Joe Biden's "willingness" to give up one percent of his salary...