Obama's Tax Returns Shows His Income Has Dropped

Obama's tax rate was about 18.4% in 2012.

Posted: 04/15/2013 09:34 AM EDT

Its tax day, the deadline for millions of Americans to file their returns to avoid penalty. One person who won't be paying a late fine or requesting a delay is President Obama, who filed on time and released his returns on Friday.

The figures show his income has lowered by 30 percent since last year when he grossed $789,674.

Obama and First Lady Michelle Obama earned $608,611 in 2012 and paid $112,214, a tax rate of 18.4 percent.

Sales of Obama’s books Dreams of My Father and The Audacity of Hope have dropped, causing a decrease in his gross income, according to CNN.

Obama overpaid taxes last year and chose to apply it to his overall bill for 2013.

The Obamas also paid Illinois $29,450 in state income taxes and donated $150,000 (24% of their income) to 33 different charities.

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(Photo: Courtesy White House/United States Government)

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