Obamas file taxes for 2012
Sat, 13 Apr 2013 15:11:46 GMT —
WASHINGTON (AP) - President Barack Obama made less in 2012 than in any other year since taking office, with about 40 percent of the nearly $609,000 in income that he and first lady Michelle Obama reported coming from book sales.
President Obama, who renewed his call for higher taxes on the wealthy in the budget he released Wednesday, paid $112,214 in taxes last year, putting his effective federal tax rate at 18.4 percent. The Obamas donated almost one-quarter of their income to charity, helping to lower their overall tax bill, according to tax returns released by the White House.
Most of the $608,611 that the Obamas reported in adjusted gross income came from the president's salary, as he reported $394,840 in wages. An additional $258,772 came from royalties from his books, including his 1995 memoir "Dreams From My Father," his 2006 political book, "The Audacity of Hope," and a 2010 children's book, "Of Thee I Sing: A Letter to My Daughters."
Income from Obama's books has fallen off since 2009, when his books sales surged after his inauguration.