Obama's Tax Returns Shows His Income Has Dropped

Courtesy White House/United States Government

Obama's Tax Returns Shows His Income Has Dropped

Obama's filed their tax returns on Friday and showed their income has dropped since last year.

Published April 15, 2013

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)

Written by Natelege Whaley


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