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Obamas pay $162K in taxes -- a 20.5% rate
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Quote:President Obama and first lady Michelle Obama paid $162,074 in taxes on $789,674 in adjusted gross income for 2011, the White House reported -- an effective tax rate of 20.5%.

The Obama also gave 22.5% of their income to 39 different charities, a little over $172,000.

Vice President Joe Biden and wife Jill, meanwhile, paid nearly $88,000 in federal tax on adjusted gross income of $379,035. The Bidens also paid $13,843 in Delaware state income tax and $3,615 in Virginia state income tax (related to Dr. Biden's work as a teacher).

The vice president's effective federal tax rate is 23.2%. The Bidens gave $5,540 to charity, a little less than 2% of income.

The Obamas' tax return can be found here.

The Bidens' tax information is here.

Mitt Romney, the likely Republican presidential nominee, has requested an extension for filing his tax returns, aides said.

White House spokesman Jay Carney said Obama supports changes that would require wealthy Americans like himself to pay higher tax rates.

"Under the President's own tax proposals, including the expiration of the high-income tax cuts and limitations on the value of tax preferences for high-income households, he would pay more in taxes while ensuring we cut taxes for the middle class and those trying to get in it," Carney said.

Obama's re-election team noted it has posted the tax returns of the president and vice president dating back t0 2000, and they are demanding that Romney do the same.

The president would not be subject to what he calls the Buffett Rule, a proposal that would require millionaires to pay at least the same tax rate as middle class Americans. Obama did not earn $1 million last year.

He would pay higher taxes if, as he has proposed, the George W. Bush-era tax cuts are repealed for individuals making more than $200,000 a year and couples who make more than $250,000 annually.
http://content.usatoday.com/communities/...4hI3e0xp4M
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Obamas pay $162K in taxes -- a 20.5% rate - by TheRealVille - 04-13-2012, 12:11 PM

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