- Jul 21, 2009
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By COREY BOLES
WASHINGTON—President Barack Obama and First Lady Michelle Obama paid $112,214 in federal income taxes in 2012 on adjusted gross income of $608,611, an effective rate of 18.4%, the White House said Friday.
The first family's income declined from the $789,674 in adjusted gross income they reported in 2011. That year they paid total federal taxes of $162,074, an effective rate of 20.5%. Their 2012 income continues a steep decline from 2010 when they reported $1.7 million in adjusted gross income, the bulk of which was royalties from sales from books written by Mr. Obama.
Obamas' Tax Return Shows Lower Earnings - WSJ.comWASHINGTON—President Barack Obama and First Lady Michelle Obama paid $112,214 in federal income taxes in 2012 on adjusted gross income of $608,611, an effective rate of 18.4%, the White House said Friday.
The first family's income declined from the $789,674 in adjusted gross income they reported in 2011. That year they paid total federal taxes of $162,074, an effective rate of 20.5%. Their 2012 income continues a steep decline from 2010 when they reported $1.7 million in adjusted gross income, the bulk of which was royalties from sales from books written by Mr. Obama.
The way the Obama's avoided paying a higher percentage was by using loopholes he claims we need to take away from the rich. Charitable contributions.
I was looking at his 2012 tax return and I also saw a couple of million dollars in T Bills they cashed in but used a loophole to avoid paying any Capital Gains on. Zero, zip, nada. Nothing.
Seems he has issues with the 1%ers keeping some of their own hard earned money but it's not beneath him to take advantage of the same loopholes he demonizes the rich over.
http://www.whitehouse.gov/sites/default/files/docs/complete_return_president_obama_2012.pdf
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