(NATIONAL JOURNAL) President Obama earned $789,674 in 2011, the White House announced on Friday. However, with this income, he does not even qualify for the so-called Buffett Rule that he has promoted relentlessly and the Senate will take up on Monday.
The Buffett Rule calls for those making over $1 million a year to pay a minimum tax rate, named after billionaire Warren Buffett. The president did earn over $1 million in previous years--$1.7 million in 2010 and $5.5 million in 2009.
The president paid $162,074 in taxes with an effective federal income tax rate of 20.5 percent, according to the returns.
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