Obamas pay effective federal tax rate of nearly 20 percent
WASHINGTON (AP) — President Barack Obama and his wife, Michelle, paid more than $93,000 in federal taxes last year on an adjusted gross income of more than $477,000. Their effective tax rate was 19.6 percent.
The Obamas lowered their 2014 tax bill by claiming nearly $160,000 in itemized deductions, including $70,712 in charitable donations to 33 different charities. Altogether, they donated nearly 15 percent of their income, according to tax returns released Friday by the White House.
The largest was a $22,012 donation to the Fisher House Foundation, which supports military families. They also donated $5,000 to Sidwell Friends School, the exclusive private school where daughters Malia and Sasha are enrolled.
The 38-page document, which includes the couple’s Illinois state income tax return, shows the president made nearly $395,000 in wages. The couple also reported making $94,889 from the sale of Obama’s best-selling books. That’s down from more than $116,000 the year before.
Obama received $51,167 from Random House and $43,722 from Dystel & Goderich Literary Management.
The White House released the Obamas’ tax returns ahead of the filing deadline Wednesday.
The Obamas are getting a tax refund of $20,641. They could have received an additional $5,000 but opted to apply that amount to their 2015 tax bill.
The couple reported paying $22,640 in state income tax.
Associated Press writer Darlene Superville contributed to this report.