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Obamas And Bidens Release 2011 Tax Returns
The White House just posted word that President Obama and first lady Michelle Obama filed 2011 tax returns showing an "adjusted gross income of $789,674" and that they paid "$162,074 in total [federal] tax." That works out to about 20.5 percent of the AGI.
About half of the first family's income was from the president's salary. The rest came from royalties generated by his books. According to the White House:
"The president and first lady also reported donating $172,130 — or about 22% of their adjusted gross income — to 39 different charities. The largest reported gift to charity was a $117,130 contribution to the Fisher House Foundation. 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."
The first couple's return shows they're due a refund of $24,515.
Vice President Biden and his wife Jill reported "adjusted gross income of $379,035," the White House says. "The Bidens paid $87,900 in total federal tax for 2011 [about 23 percent of their AGI]. They paid $13,843 in Delaware income tax and $3,614 in Virginia income tax. The Bidens contributed $5,540 to charity in 2011."