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.