Monday, April 14, 2014

Obama pays an effective federal tax rate of 20.4 percent in 2013




The President and his spouse, Michelle released their 2013 income tax return as did the Vice President. Barack and Michelle Obama paid $98,169 in tax on $481,098 in adjusted gross income, for an effective federal tax rate of 20.4 percent, while Joe and Jill Biden paid $96,378 on $407,009 in AGI, for an effective tax rate of 23.7 percent.
Both families received most of their income from wages: a bit less than $395,000 for the Obamas, a bit more than $306,000 for the Bidens.
Both the Obamas and the Bidens were hit with the alternative minimum tax: $9,513 for the Obamas, $2,815 for the Bidens.
The Obamas reported $104,809 in business income -- primarily from the president's book sales -- and $6,575 in interest income.
The Bidens reported $24,396 in business income -- primarily from Jill Biden's book sales -- and $168 in interest income.
The Obamas experienced a 20 percent drop in their 2013 income compared with 2012. The couple's 2012 return reported $608,611 in AGI and $112,214 in federal taxes paid, for an effective rate of 18.4 percent.
The Bidens' 2012 return showed $385,072 in AGI and $87,851 in federal taxes paid, for an effective rate of 22.8 percent.
Interestingly the Vice President collected Social Security benefits -- $30,552 in 2013.
Both the President and Vice President made contributions to charity: $59,251 from the Obamas (12.3 percent of AGI) to 32 charities.
The Bidens donated $20,523 (5 percent of AGI) to eight charities.
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