In advance of April 15, President Barack Obama and Vice President Joe Biden today released their 2014 federal income tax returns.
Obama and first lady Michelle Obama filed jointly, reporting an adjusted gross income of $477,383. They paid $93,362 in total tax.
They also reported donating $70,712 – or about 14.8 percent of their adjusted gross income – to 33 different charities. The largest was $22,012 to the Fisher House Foundation, a network of homes where family members can stay when an injured service member is being treated. Obama’s effective federal income tax rate is 19.6 percent.
The President and first lady also released their Illinois income tax return and reported paying $22,640 in state income tax.
Vice president Biden and his wife, Jill, also released their returns, as well as state income tax returns for Delaware and Virginia. The Bidens filed joint federal and combined Delaware income tax returns.
Jill Biden, who teaches at a Virginia community college, filed a separate non-resident Virginia tax return. Together, they reported adjusted gross income of $388,844.
The Bidens paid $90,506 in total federal tax for 2014, amounting to an effective tax rate of 23.3 percent. They also paid $13,661 in Delaware income tax and Jill Biden paid $3,777 in Virginia income tax.
The Bidens contributed $7,380 to charity in 2014, including contributing the royalties received from Dr. Biden’s children’s book, net of taxes, to the United Service Organizations, Inc.
White House Press Secretary Josh Earnest noted in a blog posting announcing the returns that “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.
“While we’ve made progress in ensuring that the wealthiest Americans pay their fair share by raising their tax rate to the level it was under President Clinton, there is more work to do,” Earnest wrote. “We need to close special tax loopholes for millionaires and billionaires, and invest in the middle class. The tax policies proposed in the President’s Budget would make paychecks go further in covering the cost of child care, college, and a secure retirement, and would create and expand tax credits that support and reward work.”
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