Friday, April 13, 2012

White House Releases President Obama's 2011 Tax Returns: Pays $162,074 In Taxes

Obamas have effective tax rate of 20.5%; Bidens' returns released too...
As President Obama travels the country promoting the Buffett Rule and announcing that all Americans should "pay their fair share in taxes," the White House on Friday released his 2011 federal income and gift tax returns, posting these on the official blog. President Obama and First Lady Michelle Obama filed their income tax returns jointly and reported an adjusted gross income of $789,674, which is $616,865 less than in 2010.

"About half of the first family’s income is the President’s salary; the other half is from sales proceeds of the President’s books," Press Secretary Jay Carney said in a post on the White House blog.

The President's effective tax rate is 20.5%, and the Obamas paid $162,074 in total tax.  They donated about 22% of their adjusted gross income to 39 different charities, Carney said.

Download the Obamas' tax returns here --it's a PDF; though apparently the presidential documents were copied on a Xerox machine from the 1980s.

In 2010, the President and Mrs. Obama filed jointly and reported an adjusted gross income of $1,728,09, and paid $453,770 in total federal taxes.

The President and First Lady also released their Illinois income tax return and reported paying $31,941 in state income tax for 2011. In 2010, the President and First Lady reported paying $51,568 in state income taxes.

In 2011, the First Lady sold her first book, American Grown, to Crown Publishing Inc., a division of Random House, which also publishes the President's books. Mrs. Obama took no advance and is reportedly donating the proceeds to as-yet-to-be-named charities. The book, about the Kitchen Garden, is scheduled to be published at the end of May, barring further production delays.

Charitable donations...
The Obamas reported donating $172,130 – or about 22% of their adjusted gross income – to 39 different charities, Carney said. The largest gift to charity was a $117,130 contribution to the Fisher House Foundation; Mrs. Obama paid an Easter visit to the Fisher House at Walter Reed on April 4.

Four organizations received the other largest gifts of $5,000 each: The Obama daughters' school, Sidwell Friends School; the United Negro College Fund; the Boys & Girls Club and Habitat for Humanity. St. John's Episcopal Church, which had two visits from the Obama's in the last month, including on Easter Sunday, received $1,000. DC social services organization Miriam's Kitchen, which annually receives about a third of the crops from Mrs. Obama's Kitchen garden, received a gift of $500.

"The President is donating the after-tax proceeds from his children’s book to Fisher House, a scholarship fund for children of fallen and disabled soldiers," Carney said. The book, Of Thee I Sing, was published in 2010.

Download the President and First Lady’s tax receipt here [PDF].

The Buffett Rule proposes a minimum income tax rate of 30% for Americans earning more than $1 million annually.

The Bidens' tax returns...
Vice President Joe Biden and Dr. Jill Biden also released their 2011 federal income tax returns, as well as state income tax returns for both Delaware and Virginia, together reporting adjusted gross income of $379,035, and paying $87,900 in total federal tax for 201. The Bidens filed joint federal and combined Delaware income tax returns. Dr. Biden filed a separate non-resident tax return for the state of Virginia. They paid $13,843 in Delaware income tax and $3,614 in Virginia income tax. The Bidens contributed $5,540 to charity in 2011. Download the Bidens' return here [PDF]

Download the Vice President and Dr. Biden’s tax receipt here
[PDF]

*Photo by Pete Souza/White House, taken in December, 2011 in the Oval Office