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Obama pays just 18% tax rate
Posted By -NO AUTHOR- On 04/14/2013 @ 3:08 pm In Money,Politics,U.S. | No Comments
(ONLINE.WSJ) — President Barack Obama and first lady Michelle Obama paid $112,214 in federal income taxes for 2012 on adjusted gross income of $608,611, an effective rate of 18.4%, the White House said.
The first family’s adjusted gross income—the amount after certain deductions and exemptions—was down from $789,674 the Obamas reported in 2011, when they paid total federal taxes of $162,074, an effective rate of 20.5%.
The decline was due primarily to falling royalties from sales of books Mr. Obama has written, according to tax returns released Friday. The president’s book-related earnings peaked in 2009 when he garnered about $5.6 million from two publications, “The Audacity of Hope” and “Dreams From My Father.” The royalties have fallen over time, to just under $274,000 in 2012.
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