Washington: US President Barack Obama and First Lady Michelle have reported their gross income as being over USD 400,000 in 2015 with the total income tax paid by them amounting to more than USD 80,000, a top official said today. “The President and the First Lady filed their income tax returns jointly and reported adjusted gross income of USD 436,065. The Obamas paid USD 81,472 in total tax.
The President’s effective federal income tax rate is 18.7 per cent,” White House Press Secretary Josh Earnest said in a blog post. Obamas’ gross income was over USD 400,00 Obama and the First Lady also reported donating USD 64,066 or about 14.7 per cent of their adjusted gross income to 34 different charities. The largest reported gift to charity was USD 9,066 to the Fisher House Foundation.
According to Earnest, the President was subject to “limitations in tax preferences for high income earners” because of his own policies. He has signed into law legislation that extended tax cuts to middle class and working families while helping improve the country’s fiscal health by requiring a greater contribution from wealthy Americans.
“While we’ve made progress toward ensuring that the wealthiest Americans pay their fair share, there is more work to do. We need to close special tax loopholes for millionaires and billionaires and invest in the middle class,” Earnest said.
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 strengthen tax credits that support and reward work, he said.
Obama and the First Lady also released their Illinois income tax return and reported paying USD 16,017 in state income tax. US Vice President Joe Biden and wife Jill Biden also released their 2015 federal income tax returns as well as state income tax returns for both Delaware and Virginia.
The Bidens filed joint federal and combined Delaware income tax returns. Jill Biden filed a separate non-resident Virginia tax return.
Together, they reported adjusted gross income of USD 392,233. The Bidens paid USD 91,546 in total federal tax for 2015, amounting to an effective tax rate of 23.3 per cent. They also paid USD 13,729 in Delaware income tax and Jill paid USD 3,882 in Virginia income tax. The Bidens contributed USD 6,620 to charity in 2015.