President Barack Obama and First Lady Michelle Obama had adjusted gross income of $608,611 last year, and they paid $112,214 in total taxes, compared to $162,074 in 2011, according to tax returns released by the White House on Friday.
The total income of the Obamas came in at $662,076 – about 22 percent down from $844,585 the previous year. They paid an effective federal tax rate of 18.4 percent in 2012.
The income from Obama's best-selling books – including Dreams From My Father, an autobiographical look at his early life published in 1995, and The Audacity of Hope, his policy vision published in 2006 – declined as he ran for re-election. In 2012, the couple had business income of $258,772, down from $441,369 in 2011 and $5.2 million in 2009, according to Reuters.
While Obama is entitled to a $400,000 annual salary, he reported a salary income of $394,800, after deducting pre-tax amounts for his health insurance premium.
http://www.christianpost.com/news/obamas-income-dropped-in-election-year-tax-returns-show-93881/
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