The Obamas Pay $93,362 In Federal Taxes, Are Getting A Refund
You may still be doing your taxes to make the April 15th deadline but President Barack Obama and the First Lady, Michelle, have done theirs. The couple paid more than $93,000 in federal taxes last year on an adjusted gross income of more than $477,000, according to the 38-page tax returns recently released by the White House.
According to the returns, the Obamas’ effective tax rate was 19.6 percent.
Also included was the Obamas’ Illinois state income tax return, which says the president earned nearly $395,000 in wages. There was also another $94,889 made from the sale of Obama’s best-selling books (more than $116,000 less than in 2013). Random House paid the president $51,167 while Dystel & Goderich Literary Management paid him $43,722.
The Obamas are getting a tax refund of $20,641. They could have received an additional $5,000 but opted to apply that amount to their 2015 tax bill.
The Obamas paid $22,640 in state income tax.
They did have some major deductions that lowered their 2014 tax bill. In fact, they claimed about $160,000 in itemized deductions, including $70,712 in charitable donations to 33 separate charities. In total, they donated about 15 percent of their income.
“The largest was a $22,012 donation to the Fisher House Foundation, which supports military families. They also donated $5,000 to Sidwell Friends School, the exclusive private school where daughters Malia and Sasha are enrolled,” reports ABC News.
The White House also released the 2014 income tax returns for Vice President Joe Biden and his wife, Jill. The Bidens paid more than $90,000 in federal taxes last year on adjusted gross income of about $389,000, and their effective federal income tax rate was 23.3 percent.
The Bidens also gave $7,380 to charity.