The president and vice president recently released their 2013 tax returns.
The Obamas reported reported an adjusted gross income of $481,098 and paid $98,169 in total tax. They also donated $59,251 of their income to 32 different charities. The president’s effective tax rate was 20.4%.
The Bidens filed joint federal and combined Delaware income tax returns. They reported adjusted gross income of $407,009 and paid $96,378 in total federal tax for 2013 as well as $14,644 in Delaware income tax. Dr. Jill Biden also paid $3,470 in Virginia income tax. The Bidens contributed $20,523 to charity. Overall, they wound up paying an effective tax rate of 23.7%.
The Associated Press recently reported that the Obamas’ net worth remained relatively flat in 2013 over the previous year. They reported assets worth between $1.8 million and $7 million according to financial disclosure forms released this week.
The forms are required by law and permit public officials to list their assets in broad ranges.
The disclosures also noted that royalties in 2013 from Obama’s books, “Dreams From My Father,” `’The Audacity of Hope” and “Of Thee I Sing,” totaled between $70,000 and $165,000. In 2011, they totaled between $250,000 and $2.1 million. The Obamas also have a 30-year mortgage on their Chicago home worth between $500,000 and $1 million with 5.625% interest rate.
The Bidens reported 2013 assets of between $276,000 and $940,000, including a rental property in Wilmington, Delaware. They have a 30-year mortgage on their principal residence and rental property worth between $500,000 and $1 million with a 3.375% interest rate.