Obamas pay nearly $100 000 in federal taxes

2015-04-11 18:45


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Washington - President Barack Obama and his wife, Michelle, paid more than $93 000 in federal taxes last year on an adjusted gross income of more than $477 000. Their effective tax rate was 19.6%.

The Obamas lowered their 2014 tax bill by claiming nearly $160 000 in itemised deductions, including $70 712 in charitable donations to 33 different charities. Altogether, they donated nearly 15% of their income, according to tax returns released Friday by the White House.

The largest was a $22 012 donation to the Fisher House Foundation, which supports military families. They also donated $5 000 to Sidwell Friends School, the exclusive private school where daughters Malia and Sasha are enrolled.

The 38-page document, which includes the couple's Illinois state income tax return, shows the president made nearly $395 000 in wages. The couple also reported making $94 889 from the sale of Obama's best-selling books. That's down from more than $116 000 the year before.

Obama received $51 167 from Random House and $43 722 from Dystel & Goderich Literary Management.

The White House released the Obamas' tax returns ahead of the filing deadline on Wednesday.

The Obamas are getting a tax refund of $20 641. They could have received an additional $5 000 but opted to apply that amount to their 2015 tax bill.

The couple reported paying $22 640 in state income tax.

Read more on:    michelle obama  |  barack obama  |  us

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