Obama’s Income Drops in 2012

The president and vice president have released their tax returns for 2012.

The White House released the president’s and vice president’s 2012 income tax returns on Friday afternoon. The president saw his income drop from $789,674 in 2011 to $608,611 in 2012.

The Obamas paid $112,214 in total tax at an effective rate of 18.4% and also donated $150,034 to 33 different charities. The largest reported charitable gift was $103,871 to the Fisher House Foundation.

The vice president and his wife reported adjusted gross income of $385,072 and paid $87,851 in total federal tax for 2012. They paid $13,531 in Delaware income tax and $3,593 in Virginia income tax in addition to contributing $7,190 to charity in 2012.

Barack Obama earns a salary of $400,000 per year as president, and Joe Biden earns $230,700 per year as vice president. The tax returns of both the president and vice president are available at the links below.

The Obamas’ 2012 tax return
The Bidens’ 2012 tax return

About the Author

Ian Smith is one of the co-founders of FedSmith.com. He has over 20 years of combined experience in media and government services, having worked at two government contracting firms and an online news and web development company prior to his current role at FedSmith.