You are here
Obamas paid 18.7% in taxes on US$436,065 gross income in 2015
[WASHINGTON] President Barack Obama and his wife, Michelle, reported adjusted gross income of US$436,065 for 2015, down 8.7 per cent from the previous year, according to tax returns released Friday by the White House.
The Obamas paid US$81,472 in federal taxes for an effective income tax rate of 18.7 per cent. They made most of their income from the president's salary, plus US$60,745 in book royalties. They were due a federal refund of US$22,859.
Barack Obama, 54, and Michelle Obama, 52, donated US$64,066 to charity, 14.7 per cent of their adjusted gross income, according to a statement issued with the returns. Their largest donation, US$9,066 went to the Fisher House Foundation, a Rockville, Maryland-based organisation that provides housing to families of military members and veterans receiving medical treatment. The next largest donations, both for US$5,000, went to Sidwell Friends School, a private school that their two daughters attend, and the Beau Biden Foundation, which honors Vice President Joe Biden's late son.
The White House also released a state return showing that the Obama family paid US$16,017 in Illinois taxes.
Mr Biden and his wife, Jill, reported US$392,233 in adjusted gross income and US$91,546 in federal taxes for an effective tax rate of 23.3 per cent. Their income was up 1 per cent from 2014.
The Bidens donated US$6,620 to charity, 1.7 per cent of their adjusted gross income. Their largest donation, US$2,400, was to the Catholic Diocese of Wilmington, Delaware.