Obama, first lady pay $81,000 in taxes on $436,000 of income

[WhiteTara]

http://www.foxnews.com/politics/2016/04/15/obama-first-lady-pay-81000-in-taxes-on-436000-income.html

WASHINGTON – President Barack Obama's income fell to just over $436,000 in 2015, the lowest of his presidency, and he and first lady Michelle Obama paid nearly $81,500 in taxes, according to tax returns the White House released on Friday.

The president's more modest adjusted gross income reflected book sales that have continued to fall off in the years since he last published in 2006. The first family paid an effective tax rate of 18.7 percent.

The Obamas also reported donating $64,000 to charity, or about 15 percent of their income. Like last year, their largest charitable donation, $9,000, went to the Fisher House Foundation, which assists wounded military members and their families.

The 45 pages of documentation, which also includes an Illinois state tax return, shows a presidential salary of about $395,000, plus another $61,000 in payments stemming from Obama's two best-selling books. Last year, the couple reported making $94,889 from book sales -- a sharp decline from the millions Obama made when book sales surged after his 2009 inauguration.

Obama and the first lady lowered their tax bill by claiming more than $145,000 in itemized deductions, including tax-deductible donations. Overpaid on their taxes, the Obamas will be receiving a refund of nearly $23,000.

[moonbabygo]

1. I wish I was

only paying 18.7% in taxes while getting 23K back

[Zynx]

3. There's nothing mysterious about their taxes. They donated 15% to charity.

That results in both outcomes. Also, there would be their payroll and state taxes on top of that.

[egalitegirl]

2. What they didn't pay is more important

Not just Obama but more than what politicians paid, what politicians evade paying is more important. Deductions for state and local taxes, property taxes, mortgage interest payments and genuine charity contributions such as those claimed by Bernie Sanders should be considered legitimate, but deductions for contributions to family foundations especially if they run into millions of dollars should be unacceptable.

As an example, if George W Bush donated 3 million dollars to the Bush Family Foundation and then claimed it as a charity contribution, that should not be considered acceptable.