THE HILL: President Obama and first lady Michelle Obama reported income of $608,611 in 2012 and paid $112,214 in total taxes, the White House announced Friday.
Tax documents released by the White House show the first family donated $150,034 to 33 different charities, representing nearly a quarter of their gross income. In addition to his federal salary, Obama made $258,772 from book royalties. The president’s effective federal income tax rate was 18.4 percent.
That represents a decline in both income and effective tax rate for the first family from 2011, when the president saw an income of $789,674 and paid an effective rate of 20.5 percent. The Obamas also made a larger charitable contribution in 2011, donating $172,130 to 39 different charities… (more)
