Obama’s ‘fair share’ of taxes is 18% (on $608K)

Obama’s ‘fair share’ of taxes is 18% (on $608K)

President Barack Obama and First Lady Michelle Obama paid $112,214 in federal income taxes in 2012 on adjusted gross income of $608,611, an effective rate of 18.4%, the White House said Friday.

The first family’s income declined from the $789,674 in adjusted gross income they reported in 2011. That year they paid total federal taxes of $162,074, an effective rate of 20.5%. Their 2012 income continues a steep decline from 2010 when they reported $1.7 million in adjusted gross income, the bulk of which was royalties from sales from books written by Mr. Obama.

The Obamas paid $29,450 in state income tax to Illinois for 2012.

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