Obama tax return shows 2011 earnings of $789,674
WASHINGTON (AP) - The White House says President Barack Obama and his family paid more than $160,000 in U.S. taxes last year...
WASHINGTON (AP) — The White House says President Barack Obama and his family paid more than $160,000 in U.S. taxes last year.
The president’s 2011 federal income tax return shows reported adjusted gross income of about $790,000 last year. About half of the first family’s income is his salary. The White House says the rest comes from sales of Obama’s books.
Obama’s effective tax rate is just above 20 percent — lower than many Americans who earn less. He has made tax-rate fairness an election campaign issue as he seeks a second term.
The White House released a copy of the president’s tax return, which shows charitable donations of more than $172,000.
Obama is donating after-tax proceeds from his children’s book to a charity that helps veterans and military families receiving medical treatment.
Copyright 2012 The Associated Press.
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