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A copy of the U.S. Department of the Treasury Internal Revenue Service (IRS) 1040 Individual Income Tax form for the 2012 tax year belonging to U.S. President Barack Obama and first lady Michelle Obama is arranged for a photograph in Washington, D.C., U.S., on Friday, April 12, 2013. President Barack Obama and first lady Michelle Obama earned $608,611 in adjusted gross income in 2012, down 23 percent from 2011 as royalties from Obama's books continued to decline, tax returns released today showed.
President Barack Obama and First Lady Michelle Obama released their federal income tax returns for 2012 (.pdf) on Friday, and the First Wallet took a bit of a hit: the Obama's adjusted gross income was about 23 percent less than what it was in 2011. Their federal income tax rate was 18.4 percent, down from 20.5 percent the prior year.
The Obamas donated about a quarter of their income to 33 different charities, with the Fisher House Foundation — which provides housing to veterans being treated at military hospitals — receiving the bulk of that money. They received $103,871 in donations from the Obamas.
Vice President Joe Biden and wife Dr. Jill Biden also released their federal income tax returns (.pdf), as well as their income tax returns for Delaware and Virginia.
Here is how they stacked up:
|Adjusted Gross Income||$608,611||$789,674|
|Total Federal Tax Paid||$112,214||$162,074|
|Donations as a Percentage of AGI||24.6%||22%|
|Federal Income Tax Rate||18.4%||20.5%|
|Adjusted Gross Income||$385,072||$379,035|
|Total Federal Tax Paid||$87,851||$87,900|
|Federal Income Tax Rate||22.8%||23.2%|
Source: U.S. Gov.