President Barack Obama and First Lady Michelle Obama had adjusted gross income of $608,611 last year, and they paid $112,214 in total taxes, compared to $162,074 in 2011, according to tax returns released by the White House on Friday.
The total income of the Obamas came in at $662,076 – about 22 percent down from $844,585 the previous year. They paid an effective federal tax rate of 18.4 percent in 2012.
The income from Obama’s best-selling books – including Dreams From My Father, an autobiographical look at his early life published in 1995, and The Audacity of Hope, his policy vision published in 2006 – declined as he ran for re-election. In 2012, the couple had business income of $258,772, down from $441,369 in 2011 and $5.2 million in 2009, according to Reuters.
While Obama is entitled to a $400,000 annual salary, he reported a salary income of $394,800, after deducting pre-tax amounts for his health insurance premium.
The president and the first lady gave $150,034 to 33 different charities, representing roughly 25 percent of their adjusted gross income. They donated $103,871 to the Fisher House Foundation, an organization that provides housing for military families near military hospitals, and $1,000 to the Palm Beach County Law Enforcement Foundation, whose police officer was killed last year while working in the presidential motorcade.
The Obamas also released their Illinois income tax return – they maintain their residence in Chicago – and reported paying $29,450 in state income tax.