Obama Releases His 2012 Tax Return

According to the just-released tax return, Barack Obama’s total income in 2012 was $662,076. While that’s a very impressive number, and easily enough to place Obama in the upper echelons of the 1%, his income actually dropped 27% compared to his 2011 income of $844,585. $662,076 is also 87% less than his all time peak income of $5.5 million which occurred in 2009. The drop in Obama’s income represents waning sales of his two best selling books: 2005’s “Dreams from My Father: A Story of Race and Inheritance” and 2006’s “The Audacity of Hope”. Out of $662,076, $400,000 came from Barack’s Presidential salary. Obama’s book royalty income in 2012 was $258,772. To this day, Obama earns $3.75 for every hardcover copy and $1.12 for every paperback he sells. Barack and Michelle donated 25% of their gross income to charity, roughly $150,000. The majority of their donations, around $100,000, went to the Fisher House Foundation, a charity that helps wounded military families find housing near hospitals while treatment is ongoing. They also donated $5000 to their daughters’ elite private school Sidwell Friends. After deductions, The Obamas’ adjusted gross income was $608,611. They paid $112,214 in taxes. Interestingly, The Obamas are still technically Illinois residents which means they had to pay $29,450 in state taxes. Their effective federal tax rate was 18.4%. Their total blended (combined state and federal) tax rate was 24.65% (18.4 + 6.25). Vice President Biden and his wife Jill reported 2012 income of $385,072. The Obama’s Income History:

2000: $240,000 2001: $272,759 2002: $259,394 2003: $238,327 2004: $207,647 2005: $1,655,106 2006: $983,826 2007: $4,139,965 2008: $2,656,902 2009: $5,505,409 2010: $1,728,096 2011: $844,585 2012: $662,076

Total: $19,270,981