With a few days left before taxes are due, President Obama released some information regarding his 2013 taxes. Obama makes $400,000 in income as President, and he reported a total an adjusted gross income of $481,098.
Income from book sales appears to be in steep decline from previous years. “Obama received $31,139 from Random House and $85,041 from Dystel & Goderich Literary Management, for a total of $116,180 in book sales. That combined total compares with $273,739 in similar payments he received in 2012. There was a big drop in the amount from Random House, which paid Obama $162,789 in 2012”.
There was something else in noticeable decline from 2012: donations to charity. In 2012, the Obama’s donated $150,034. This year, the “Obamas reported donating $59,251 to 32 charities, which helped lower their overall tax bill…Their largest charitable gift last year, $8,751, went to the Fisher House Foundation, which supports military families. The Obamas gave the foundation $103,871 in 2012”.
In comparison, Obama paid less taxes than Vice President Joe Biden. The Biden’s had a “reported adjusted gross income of $407,009. The Bidens paid $96,378 in total federal tax for 2013, amounting to an effective tax rate of 23.7 percent…The Bidens contributed $20,523 to charity in 2013, including contributing the royalties received from Dr. Biden’s children’s book, net of taxes, to the USO.”