President Obama and first lady Michelle Obam at the LBJ Presidential Library Thursday in Austin, Texas. (AP Photo/Jack Plunkett)
Obamas Pay $98K in Taxes on $481K of Income
They donate $59K to charities
By Newser Editors and Wire Services
President Obama and first lady Michelle Obama paid $98,169 in taxes on $481,098 income last year, according to tax returns the White House released today. They paid an effective federal income tax rate of 20.4%. The 42-page document shows the Obamas reported donating $59,251 to 32 charities. That works out to 12.3% of their adjusted gross income. Their largest charitable gift, $8,751, went to the Fisher House Foundation, which supports military families. The Obamas also released their Illinois income tax return showing they paid $23,328 in income taxes to their home state.
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