Obamas Pay $98K in Taxes on $481K of Income

President Obama and first lady Michelle Obama paid $98,169 in taxes on $481,098 income last year, according to tax returns the White House released today. They paid an effective federal income tax rate of 20.4%. The 42-page document shows the Obamas reported donating $59,251 to 32 charities. That works out to 12.3% of their adjusted gross income. Their largest charitable gift, $8,751, went to the Fisher House Foundation, which supports military families. The Obamas also released their Illinois income tax return showing they paid $23,328 in income taxes to their home state.

Separately, Vice President Joe Biden and his wife, Jill, paid $96,378 in federal tax last year on adjusted gross income of $407,009. They paid an effective federal income tax rate of 23.7%, according to their tax returns. They paid $16,444 in taxes to their home state of Delaware. Jill Biden, a community college professor, also paid $3,470 in income tax to Virginia, where she teaches. The Bidens donated $20,523 to charity last year. The full returns of both couples can be found here. (More President Obama stories.)