April 13, 2014
President Barack Obama and his wife, Michelle, reported adjusted gross income of $481,098 for 2013, down 21 percent from last year, according to tax returns released today by the White House.
The Obamas paid $98,169 in federal taxes, including $2,310 imposed by the 2010 Affordable Care Act that he signed. That’s an effective income tax rate of 20.4 percent.
“In 2013, as a result of his policies, the president was subject to limitations in tax preferences, as well as additional Medicare and investment income taxes, for high-income earners,” Press Secretary Jay Carney said in a blog post on the White House website.
The Obamas aren’t affected by the higher marginal tax rates that took effect in 2013, because their taxable income is less than $450,000. He proposed a $250,000 threshold for higher rates before compromising with Republicans.
This article was posted: Sunday, April 13, 2014 at 5:47 am