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Subscribe to RSSPresident Barack Obama and his family paid more than $160,000 in federal taxes last year on earnings of $789,674, the White House said Friday.
Carolyn Kaster / AP
President Obama's effective tax rate is just above 20 percent — lower than many Americans who earn less.
The president's 2011 federal income tax return shows that about half of the first family's income is the president's salary. The rest comes from sales of Obama's books.
Click here to see a copy of the president's tax return (pdf)
Obama's effective tax rate is just above 20 percent — lower than many Americans who earn less. He has made tax-rate fairness a campaign issue, arguing that millionaires and other very wealthy people should not pay a smaller share of their incomes in taxes than people who earn much less.
Related: Obama campaign urges Romney to release tax returns
"He believes that people like him should be paying an effective tax rate that is no lower than the rate paid by hard-working, middle-class Americans," White House press secretary Jay Carney said Friday.
The White House did not say exactly what rate Obama thinks would have been fair for him in 2011, but using a calculator posted on the White House web site, more than 56,000 millionaires would have paid taxes at a lower rate.
Obama's proposed "Buffett Rule" would not have applied to him last year, since he earned less than $1 million.
The plan is named for Warren Buffett, the billionaire investor who has complained that rich people like him pay a smaller share of their income in federal taxes than middle-class taxpayers do. Many wealthy taxpayers earn investment income, which is taxed at 15 percent. Obama has proposed that people earning at least $1 million annually — whether in salary or from investments — should pay at least 30 percent of their incomes in taxes.
The push for the realignment draws renewed attention to the effective tax rate of presumptive Republican presidential nominee Mitt Romney, a millionaire who is paying 15.4 percent in federal taxes for 2011 on income mostly derived from investments.
By contrast, the top nominal rate for taxpayers with high incomes derived from wages, not investments, is 35 percent.
The White House released a copy of the president's tax return, which also shows charitable donations of more than $172,000.
Obama is donating after-tax proceeds from his children's book to the Fisher House Foundation. The charity helps veterans and military families receiving medical treatment.
The family tax return is fairly simple by the standards of wealthy people with multiple assets and sources of income. Obama listed his two daughters as dependents and his occupation as "U.S. President." Michelle Obama listed her occupation as "U.S. First Lady." They listed 1600 Pennsylvania Ave. as their primary address.
The first family reported income of $1.7 million for 2010, much of it from the sale of the president's books. They paid federal taxes of $453,770.
Their adjusted gross income for 2010 was far below the $5.5 million they reported for 2009, also mostly from book sales.
Carney said Obama earned even less in 2011 because of "fluctuations" in book sales.
For Vice President Joe Biden and his wife, Jill, this year's tax return looks almost identical to last year's.
Returns for 2011 released by the White House show the Bidens paid $87,900 in federal taxes on adjusted gross income of $379,035. Their income was $143 below their 2010 return, but their tax bill was $1,274 higher. In both cases, the effective tax rate was just over 23 percent.
On the latest return, the Bidens listed $5,540 in donations to charity.
Most of the couple's income came from the vice president's salary of $225,521 and Mrs. Biden's wages of just over $82,000 for teaching at Northern Virginia Community College.
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Bet Obama when he tries his lame attacks on Romney not paying his fair share. One ad after another, that he won't mention Romney did not accept his salary while he was Governor and that he paid for his personal and political travel,. And that the Governor never requested the security that by law was forced to follow the Governor on all trips
Where: So what does what Romney did as governor relate to salaries and paying taxes...NOTHING.
It means he is paying taxes as he is required to, but he didnt go out of his way to take taxpayer dollars. What about Where's post didnt you understand?
WhereHas, Romney paid around 15%. Still room to argue that he doesn't pay a fair share, and unlike the president, he doesn't want to increase the taxes on the rich. Your point is very weak.
tru: LOL! Romney has millions in Swiss and off-shore accounts to AVOID paying US taxes....and he admits it! Paying for your own expenses as govenor have nothing to do with paying your own taxes.
Because it's legal Dragon, what about LEGAL dont you get? Libs dont undrestand what illegal means, yet they dont understand what legal means, WTF do you people understand?
@VIPP ...
When Bush took office the Debt was 5.72 trillion .. after 8 yrs of Clinton
When Bush left office the Debt was 10.62 trillion ... after 8 years of Bush
Today after barely 3 years of Obama the debt is 15.65 and counting ....
Those are the Congressional Budget Office figures ... Again like all liberals you make comments and havent got a clue about facts ...
Some of us look at the facts that you ignore. Fact, when the president took office, America was losing around 750,000.00 jobs a day. Had he not spent the money that he did, you would be living in a very poor and jobless nation. Picking parts of the truth is the action of a person who only wants to prove his flawed point.
Texas: Bush kept the 2 unfunded wars out of the budget....you know that. And Bush borrowed from China to pay for the wars...you know that too.
@Cameron Ford
Did Obama offer to write a check to the IRS since he thinks he should be paying more? Of course he didn't.
Why would he if it's not legally required? It's funny how you Republicans cry and bitch and moan about stuff the president tries to do. The minute he takes a page from your own book you get even more pissy!
The Pres has said 100 times "people like me should pay more taxes" His campaign focused on it--it has been a mainstay of his platform--he has fought for changes--Republicans block the crap out of all Pres. O's efforts and let the tax code remain how it is--now you're all complaining that the president adheres to the very same code you all cried about NOT changing?
world class morons....the lot of you..
Its called being a hypocrite jdub, but really why i am responding to a sheep.
trudat ... please don't insult sheep.
Please, pretty please, enlighten me on exactly HOW he's a hyppocrite? Are you suggesting that the president should pay more than is prescribed by current tax law? Are you suggesting that the president has not campained HARD for tax reform the ENTIRE length of his term thus far? Are you suggesting that since he's rich he should pay more? I'm daring you to respond...ooohhh I cant wait
Angry, Did you?
dub you dont seem to get how the president works. His campaiging is just that, political campaigning, its called rhetoric, its all talk, he doesnt care if it happens or not, he just wants to say it.
But again, why am i responding to a sheep, sorry dave, its the best analogy i have.
If Obama wants to walk the talk, he would not have taken the tax breaks he says he doesn't need. Just because the break is there, doesn't mean he is obligated to take it.
LOL...all the GOP posters here ranting about President Obama's wealth...are you the same posters who say "get off your butt and get a job", and "it is not anyone's else's fault if you are not successful".
President Obama and First Lady Michelle are sucessful, are wealthy and now you GOP posters are ranting and wailing about it...well which is it....you want people to work and become successes, or you want people to sit around getting hand-outs????
As far as taxes, President Obama and First Lady Michelle's are correct according to the current tax system, so stop wailing about it....you sure did not wail about Mitt's taxes being so low.....in fact you defended Mitt using loopholes and off-shore accounts to avoid paying taxes.
Are you GOP posters following in Mitt's footsteps and flip-flopping????? LOL!
He wants the rich to pay more in taxes, but can't seem to convince the rich republicans to pass a law. BARF!
So you make about $ 750,000 running this country, but can make up to 40 times as much for hitting a baseball. Shoot, if I were president I'd usurp our country's coffers and be treasure swimming like Scrooge McDuck.
LOL, so true
..so let me get this straight VP Biden had charitible donations of $5,500 and an adjust income of $379,000, while his tederal taxes paid were $87,000.
Wow...mighty big of you there, Joe.
Com: Thought Repubs were all for no one telling someone else what to do with their money....yet many here are whinning about what VP Biden does with him.
Which is it, you want someone telling you what to do with the money you earned....or not????
Just an observation considering that an average family making ~$80,000/ year contribute the same amount to charity as a guy who make almost 5x as much money.
It's time for a Revolution.
Mr. "Everyone should pay their fair share" Haha! I make 40000 and pay a higher percentage than him! What a FRAUD!!!!!!
bleedingheartoo - Is that so?? If you had a 20% effectifve tax rate on income of $40,000, you tax bill would be $8,000. If you paid that much in federal income tax, get a new accountant.
Were you not aware of the intense campaigning the pres has done so he WOULD pay more taxes? He's the one fighting so that that he, and incomessimilar to his WILL be taxed at a higher rate...REPUBLICANS refused to hear of it so the tax code remains the same.
So if you want to bitch that he doesn't pay more; bitch at Republicans who refused to let him...
It's not astrophysics people...I cant believe in a country with free education some of you are still so...dense..
Paid like 22 percent. Guess the jokes on me!
dubbay, we are aware of the campaigning Obamas done, we've been watching it for 5 years now.
Hey JDubbaya, Yes I'm DENSE. I also have a Birth Certificate, unlike King Obama. Haha! Now go off to your OCCUPY protest!!! Hipster Sissy
Obama is a pure fraud and I am so glad that Americans have opened their eyes to this Socialist man, I would have loved to only had to have to have paid 20 percent, the government took 38 percent from us and our income is drastically below the Obama's income, they are huge HYPOCRITES. But that is the Democratic way, twist the truth, and lie.
JDubbaya, are you kidding, the Republicans would not let him, are you even listening to what you said, if Obama had wanted to send the IRS more money to pay down our debt, they would have took it, you are pure laughable, the twisting of lies are common for Democrats like yourself.
Did I miss it? I didn't see any mention of the president writing a check for more than what he owed so he could pay his fair share. What a hypocrit!!!
By the way, I'm in the tax field (Enrolled Agent), and I just want you people that have chosen to make political statements in this comments section to know that you are incredibly boring and uninteresting human beings.
No problem with the Prez's number. But the VP is easily about the biggest cheapskate I'ver ever heard of when it comes to charity.
Less than 2% and he has been like that his entire life ... yet like all liberals he has no problem spending other people money .. Hell .. my grand-daughter give a higher percent to charity then biden does and she is 10
Bker, the VP made a profit at the expense of the taxpayers through the secret service> Biden isnt a cheapskate, he's a dirtbag.
tru: To follow your logic, Romney has money in Swiss and off-shore accounts to avoid paying US taxes....so you think he is a dirtbag too?
I suggest you look at what Romney gives to Charity ... and to the Church
Also .. Apple, Microsoft, Nike and about every company has cash overseas ... grow up
When did Romney charge taxpayers to house his security?
Texas; Avoiding the question, just like Romney avoids paying US taxes on millions he has stashed in Swiss and off-shore accounts to AVOID paying US taxes....to AVOID paying his fair share....there is no way Repubs can deny it.
Giving to church and charity are tax write-offs.....LOL!
In fact Repubs for all their wailling and ranting about President Obama's tax level, are willing to vote for a person who AVOID paying US taxes....LOL!
Dragon the point you and your fellow sheep are missing, we dont care about what Obama makes and what he pays. The point is that he could pay more, preaches that he should pay more, and yet he didint pay more. That is defined as a hypocrite, why is that so hard for you dopes to understand?
I applaud Obama for paying 21% of his wages to charities. Whom they went to we do not know. But Biden, 1.5% of his wages to charity. That is disgraceful. Biden would rather use our tax dollars instead of his dollars. I have a real problem with only $5,500. Shame on Biden!!
If you count all of his charitable donations as deductions, Obama paid 26%. He needs to make a check to the IRS for about $25,000 to bring him to 30%. If a millionaire pays 35% his rate should be about 3% at his level. Lead for us leader. Biden should just crawl in a hole.
Biden's best blunder was when he was at an event and he told a guy in a wheel chair to stand up. Anybody else have good Biden blunders. Oh yea, Biden told other candidates in the last presidential primary that he has forgotten on foreign affairs than the others know. Some of them knew a lot. So, I guess Biden has forgotten a lot. Not a suprise.
Remember .. Obama lives off a multi million dollar expenses account each year paid for by us
When the RICH, Like Obama give to charities, WE HAVE TO Pay the additional taxes that were not paid. So if you fell good
Because there are so many who think this President is the king of vacations and spending on the taxpayers' dimes, I read this lately and thought it a good time to remind people of their perceptions. Keep in mind, I voted for George W. Bush but was terribly disillusioned after his 8-year term.
Just saying ....
Texas....what a lame statement......ALL presidents have lived off taxpayers money....get a grip!!!
funny when the conservative rich give to charities you liberals call it a tax loop hole. nice double standard in adding it back into his taxes to get a higher rate DenverCo.
I am a conservative. But, that is the way tax rates work for everyone.
I understand how tax rates work also, you can not add your charitable contributions back to figure your tax rate. Sorry for lumping you in with the liberals.
He should really write a check for about $87,000 to show his point. Here is a question that I have never gotten answered. WHY DO THE PEOPLE WHO THINK WE SHOULD PAY MORE TAXES HIRE TAX LAWYERS AND CPA'S TO MAKE SURE THEY PAY THE LOWEST TAXES. Shouldn't they show their point pay the the tax rate they think everyone but them should pay.
This clown needs to work harder, the way he's spending, $160,000 doesn't fund the monolith he's running for a nano-second.
Now Romney, in pure dollar terms, that's paying something, on behalf of America, thank you Mr. Romney.
We need more romney's not more obalmers. $160,000 is laughable. What a maroon this guy is. He spends so much running around campaigning on AF1, and he doesn't even cover the bar tab. He has to be the biggest joke going, I almost cry everytime I think how poor he's making everyone, then he picks up a $160,000 tab? What a joke, what a joke, what a joke.
Mr; Thanking Romney for having Swiss and off-shore accounts to avoid paying US taxes....LOL!
Lets see if I got this right, Obama only pays 20 percent income taxes and yet he is saying that others should pay much more than 20 percent, what a hypocrite and a liar he is, if paying only 20 percent is good enough for the Obama's then it should be good enough for the rest of AMERICANS, and he should shut up, this only proves that Democrats are above all the rules that other must play by, they are the must Racist and Sexist people I have ever seen. Our family was taxed at 38 percent and we NEVER EVER even came close to Obama's income, HYPOCRITE Obama.
st: President Obama is paying taxes according to the current tax system....is that too difficult for you to understand.
A tax system that he wants to change so he does pay more, but Republicans have pledged to Norquist that they will NEVER raise taxes. So if you want President Obama to pay more, support changing the current tax system.
BTW Romney will NOT be paying US taxes on the millions in his Swiss and Cayman Island accounts.
Are you joking or what, if Obama was to have wrote a check to the IRS to pay down our debt they would have gladly taken it, are you for real?, defending hypocrites must be a very hard job but then again some one has to do it, Democrats always have to twist the truth, it's their way.
st: Did I say anything about writing a check....read my comment again, very slowly. I said President Obama is paying the correct tax according to the current tax system...a tax system that he wants to change to pay higher taxes....that is all I said.
I see you do not want to comment on Romney NOT paying US taxes on his millions in Swiss and off-shore accounts.
Of course there is no mention of the non taxable allowances that the president recieves.
evil: Just like every other president.
I could care less about Hussien's tax return for 2011. What I would like to see are diplomas and passports and source of his social security number.
Never going to happen. Its all hidden
GA; Yawn.....old, tired and lame.....and debunked many, many time. Do you think for one nanosecond if GOP could use those things against President Obama they wouldn't have in 2008? Get a grip....
Old? Tired? Lame? So are his tax returns...who gives a ratz azz about how taxpayers get their fair share? LMBO . Poor guy had the pouts in Columbia, world is catching on to him too.
GA, why on earth would you need to see his diplomas and passports. They are personal information. I'm sure you would not want other people rooting through your @!$%#.
just another member of the 1% not paying his fair share. I bet Mr Obama's secratery paid at a higher rate. Great example Mr President
You know his secretary paid more taxes than the hypocritical Obama did.
duane & st: What is hypocritical about President Obama paying the correct tax under the current tax system.
But if you think that is hypocriticial you must really think Romney, wanting to be president AVOIDING paying US taxes by hiding millions in Swiss and off-shore accounts hyprocritical...right...right?
Nice to know I'm making a fraction of what the President does, yet I'm paying a higher percentage in federal taxes. Obama paid 20% in federal taxes and 1% to charity on active income while Romney paid 15% in taxes (on investments which are taxed at a lower rate) and 15% to charity.
I'm not sure where the Romney bashers are coming from on this particular issue.
Sorry..neither of them can possibly be in touch with the average Joe. But who cares..I still believe in capitalism not socialism. I hope the opportunity for me or my children will always be available and not taken away with false promises of fairness. Any idiot should be able to look at the ridiculous spending our government does and figure out its on a path of failure and bankruptcy. The only ones who really want a change is those who have a stake in the future. All others just want to suck till its dry.
How did the he pay only $11,821 in self employment tax on $441,369 of Schedule C income?
Obama's Congress spends 1.6 Trillion more than it takes in and we do nothing. The idiots at MSN are distracting you with this crap. I don't care if your a pathetic communist liberal, this country is going broke and you should be concerned.
MOmaid said it right.....
Slodan--you said the magic words: "just live within your means and DON'T buy anything you can't afford!"
If EVERYONE in this country lived by that, there would be a lot fewer poor.
Included in that 'axiom' would be "don't have kids you can't afford to DECENTLY feed, house, clothe, educate, and provide medical care for.
LACK of planning on another's part does NOT constitute an emergency on the part of anyone else.
And I know WAY too many people who cry poor, who think NOTHING of spending Friday and Saturday night at the local watering hole, and who have net flix, and an expensive Cell phone plan.
What is not mentioned is the loans some people take out(like our housing crisis) causing all of us other to pay more of our fair share. ITS not our fair share to pay for your stupid mistakes by buying a new 500,000 house and a 50,000 car when you make 40,000 and its not our fault for the stupid banks lending my saved money that I have worked for 20 year to save to them to do this. Bail outs were necessary or the poor would be in the streets now. Leave the rich alone, they provide the jobs, economy, take the all the risks, pay all the stupid lawsuits only to be turned to again to pay more! Ridiculous. We will be in heap of trouble if the big guns pull out more and move to another country.
Very convenient that hte story fails to state that he took the 'weathy' tax dodge of 'gifting' $48,000 to his daughters to help decrease his tax burden. Obama, with his many golf games, vacations and tax dodges, never fails to show his hypocrisy. By the way Michelle, how was Las Vegas? I haven't seen it since your husband made it off limits for us drones.
Nonsense. When you gift money it has no impact on your current taxes. Anyone can gift money to their children or anyone else they choose.
It lowers your adjusted gross income so that you can give money to individuals without paying income tax. It is how weathy individuals can give the children money and not pay taxes on it. True anyone can do it. Where did you put your extra $48,000 to give to your children? Odummy is part of his hated 1%. This is how he lowers his taxes and shelters it.
Lets see, 400K from USA, and 400K from his part time job. No capital gains? I guess his ass is for sale? Or is he just taking bribes? WE NEED A FULL TIME PRESIDENT.