Nervous about your tax return coming up? President Obama likely is too after the White House released tax returns for both the Obamas and Vice President Joe Biden.
President Obama and his wife Michelle paid $93,000 in taxes on a gross income of $477,383 in the 2014 year, for a tax rate of about 19.6 percent, according to tax returns released by the White House on Friday.
The income is a slight drop from 2013’s $481,098 and the lowest income since 2004, prior to Obama’s election to the U.S. Senate. Most of the couple’s income comes from the president’s annual salary of $400,000 along with $88,181 in income from book sales, AL reported.
The President and First Lady also forked over $22,640 in Illinois state income tax.
The couple donated almost 15 percent of their income to 33 different charities, which include a $22,012 donation to Fisher House Foundation, a veterans-support organization, American Red Cross, United Negro College Fund, Habitat for Humanity, and the Sidwell Friends School, where their daughters currently attend.
White House spokesman Josh Earnest said the president’s own legislation resulted in the increase in taxes paid for 2014.
“As a result of (the president’s) policies, the President was subject to limitations in tax preferences for high-income earners, as well as additional Medicare and investment income taxes,” he said, adding a call for more changes needed.
“We need to close special tax loopholes for millionaires and billionaires, and invest in the middle class,” he said.
Vice President Joe Biden and his wife Jill, paid about $90,000 in taxes on an adjusted gross income of $389,000, for a tax rate of about 23.3 percent, tax returns show. They paid an additional $13,661 in Delaware state taxes and donated $7,380 to charity in 2014.
White House Reveals Tax Return For President Obama, Joe Biden