President Barack Obama and Michelle Obama paid $93,362 in total taxes this year. Their joint income tax returns showed an adjusted gross income of $477,383, the vast majority of which came from Obama’s salary as president.
According to Bloomberg, this year the Obamas raked in their lowest income since 2004, before Barack Obama was elected to the U.S. Senate. Obama received about $400,000 salary as president and earned $94,889 in royalties from his two his two autobiographies, Dreams From My Father and The Audacity of Hope. Sales are drastically less than in 2008 and 2009, when he earned $8.1 million in royalties, according to the New York Times.
Obama’s tax bill was affected by his own tax policies — which include higher tax rates on wages and investments for those with larger incomes. The White House said, “as a result of his policies, the President was subject to limitations in tax preferences for high-income earners, as well as additional Medicare and investment income taxes.”
The Obamas also released their income tax return for Illinois, where they paid $22,640 in state income tax. Bloomberg also noted that the Obamas paid $39,566 in mortgage interest for their home in Chicago, for which they have chosen not to refinance or pay off the mortgage though it would probably save them money.
The Obamas donated $70,712 to charity in 2014. They gave $22,012 to Fisher House Foundation, a Maryland-based organization that aids families of those receiving treatment at military and veterans’ hospitals. In 2013, the Obamas donated $8,751 to this organization, and they donated $103,000 on 2012. The First Family also donated to the American Red Cross, Mosaic Youth Theatre of Detroit, and Sidwell Friends School in Washington, their daughters’ school.
Because the Obamas overpaid their federal taxes, they will receive a $20,641 refund and direct another $5,000 to their 2015 taxes. Obama and Vice President Joe Biden released their 2014 tax returns to the public via the White House website. Biden and his wife Jill earned $388,844 and owed $90,506 in taxes, while contributing $7,380 to charity.
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