Barack and Michelle Obama Made $503,183 Last Year

TIME

President Barack Obama and First Lady Michelle Obama paid $98,000 in taxes on $481,098 of adjusted gross income in 2013, according to their tax returns released Friday by the White House.

The first family, which reported an overall income of $503,183 before factoring in tax reductions, made about 27% less than in 2012, when their adjusted gross income was $608,611. In his five years at the White House, Obama’s income has fallen from a high of over $5.5 million in 2009, as royalties from his successful books have slowed. The Obamas paid an effective federal tax rate of 20.41 percent, above that of the average American family, but below the average tax rate paid by those earning incomes in the top quintile.

According to the tax returns, the Obamas donated $59,251, or 12.3 percent of their income, to charity in 2013 — below the $150,034 they donated to charitable…

View original post 52 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s