President Barack Obama and Michelle Obama, the First Couple of the United States, have made their tax returns public in recent years. This year, they report that they jointly earned $790,000 in 2011 and paid a smidgen over 20 percent in federal taxes.
- Read: TAX DAY is the DEADLIEST DAY of the year
The president and his wife released their Internal Revenue Service information for the past year four days before the IRS filing deadline which is on April 17, 2012 this year.
Politically, Obama’s tax return is released after a week in which Obama encouraged Congress to support a bill similar to last year’s Buffett Rule – named after billionaire investor Warren Buffett – which would require persons earning one-million dollars or more to pay 30% in federal taxes.
Warren Buffet has complained that he pays a smaller tax rate than his secretary who earns much less money that Buffett in a given year. Opponents look at the huge dollar amount wealthy people are giving to Uncle Sam in spite of the percentage comparisons while many Americans are giving nothing to assist with running the federal government.
It turns out that President Obama’s secretary, Anita Breckenridge, pays a slightly larger percentage than the president, as well. According to White House spokeswoman Amy Brundage who spoke with Bloomberg News:
The president’s secretary pays a slightly higher rate this year than the president on her substantially lower income which is exactly why we need to reform our tax code and ask the wealthiest to pay their fair share.
In the past year, deductions for contributions of $172,000 – 22% of the Obamas’ income – went to 39 different charities which lowered their tax rate substantially.
Compared to last year, the Obamas’ income decreased 54% from the $1,728,096 earned in 2010. In 2009, they earned five-and-a-half million dollars. Their 2010 income was higher due to book royalties, and 2009 was much higher due to even larger book royalties and the president’s Nobel Peace Prize win. President Obama received $1.4 million from the Nobel Peace Prize.
The book earnings in recent years are from Barack Obama’s three books: “Dreams from My Father,” “The Audacity of Hope,” and “Of Thee I Sing: A Letter to My Daughters.” The president’s salary is $400,000 annually.
The primary source of this article is the Washington Post.
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Source: Washington Post