Obamas pay $162K in taxes -- a 20.5% rate

12:19 PM, Apr 13, 2012   |    comments
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(USA TODAY) -- President Obama and first lady Michelle Obama paid $162,074 in taxes on $789,674 in adjusted gross income for 2011, the White House reported -- an effective tax rate of 20.5%.

The Obama also gave 22.5% of their income to 39 different charities, a little over $172,000.

Vice President Joe Biden and wife Jill, meanwhile, paid nearly $88,000 in federal tax on adjusted gross income of $379,035. The Bidens also paid $13,843 in Delaware state income tax and $3,615 in Virginia state income tax (related to Dr. Biden's work as a teacher).

The vice president's effective federal tax rate is 23.2%. The Bidens gave $5,540 to charity, a little less than 2% of income.

The Obamas' tax return can be found here.

The Bidens' tax information is here.

Mitt Romney, the likely Republican presidential nominee, has requested an extension for filing his tax returns, aides said.

White House spokesman Jay Carney said Obama supports changes that would require wealthy Americans like himself to pay higher tax rates.

"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," Carney said.

Obama's re-election team noted it has posted the tax returns of the president and vice president dating back t0 2000, and they are demanding that Romney do the same.

The president would not be subject to what he calls the Buffett Rule, a proposal that would require millionaires to pay at least the same tax rate as middle class Americans. Obama did not earn $1 million last year.

He would pay higher taxes if, as he has proposed, the George W. Bush-era tax cuts are repealed for individuals making more than $200,000 a year and couples who make more than $250,000 annually.

Carney issued a written statement on the Obama and Biden tax returns:

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.

As for the vice president, Carney said in a statement:

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.

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