White House releases Obama and Biden's tax returns

Source: CNN

The White House on Friday released the tax returns of President Barack Obama and Vice President Joe Biden.


From the White House

Today, the President released his 2011 federal income and gift tax returns. He and the First Lady filed their income tax returns jointly and reported adjusted gross income of $789,674. About half of the first family’s income is the President’s salary; the other half is from sales proceeds of the President’s books. The Obamas paid $162,074 in total tax.

The President and First Lady also reported donating $172,130 – or about 22% of their adjusted gross income – to 39 different charities. The largest reported gift to charity was a $117,130 contribution to the Fisher House Foundation. The President is donating the after-tax proceeds from his children’s book to Fisher House, a scholarship fund for children of fallen and disabled soldiers.

The President’s effective federal income tax rate is 20.5%. The President believes we must reform our tax system which is why he has proposed policies like the Buffett Rule that would ask the wealthiest Americans to pay their fair share while protecting families making under $250,000 from seeing their taxes go up. Under the President’s own tax proposals, including the expiration of the high-income tax cuts and limitations on the value of tax preferences for high-income households, he would pay more in taxes while ensuring we cut taxes for the middle class and those trying to get in it.

The President and First Lady also released their Illinois income tax return and reported paying $31,941 in state income tax.

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The Vice President and Dr. Jill Biden also released their 2011 federal income tax returns, as well as state income tax returns for both Delaware and Virginia. The Bidens filed joint federal and combined Delaware income tax returns. Dr. Biden filed a separate non-resident tax return for the state of Virginia. Together, they reported adjusted gross income of $379,035. The Bidens paid $87,900 in total federal tax for 2011. They paid $13,843 in Delaware income tax and $3,614 in Virginia income tax. The Bidens contributed $5,540 to charity in 2011.

more at link
http://www.whitehouse.gov/blog/2012/04/13/president-obama-and-vice-president-biden-s-2011-tax-returns

Read more: http://politicalticker.blogs.cnn.com/2012/04/13/white-house-releases-obama-and-bidens-tax-returns/

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President Obama reveals 2011 tax return
http://money.cnn.com//2012/04/13/news/economy/obama_tax_return/index.htm?section=money_latest

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Jay Carney, the White House press secretary, noted in a statement that Obama's 2011 effective federal income tax rate is 20.5%, and that the president's own policies would result in higher taxes for the Obama family.

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According to an already released estimate of Romney's 2011 taxes, the former governor of Massachusetts earned $21 million last year and will have a tax bill of $3.2 million.

That means Romney paid a much lower effective tax rate than the Obamas, while earning substantially more income. Andrea Saul, a spokeswoman for Romney, said that the campaign will release the candidate's finalized 2011 return "when it is filed."