President Taxes Released

Ever wonder how much our President and Vice President made and paid in taxes? Here you go. 

According to The White House, Today, the President released his 2014 federal income tax returns. He and the First Lady filed their income tax returns jointly and reported adjusted gross income of $477,383. The Obamas paid $93,362 in total tax.

The President and First Lady also reported donating $70,712 – or about 14.8 percent of their adjusted gross income – to 33 different charities. The largest reported gift to charity was $22,012 to the Fisher House Foundation. The President’s effective federal income tax rate is 19.6 percent.

The Vice President and Dr. Jill Biden also released their 2014 federal income tax returns, as well as state income tax returns for both Delaware and Virginia. The Bidens filed joint federal and combined Delaware income tax returns. Dr. Biden filed a separate non-resident Virginia tax return. Together, they reported adjusted gross income of $388,844.

The Bidens paid $90,506 in total federal tax for 2014, amounting to an effective tax rate of 23.3%. They also paid $13,661 in Delaware income tax and Dr. Biden paid $3,777 in Virginia income tax. The Bidens contributed $7,380 to charity in 2014, including contributing the royalties received from Dr. Biden’s children’s book, net of taxes, to the United Service Organizations, Inc.

Do you feel any better about your taxes? The deadline to get your taxes in is coming up April 15th, 2015.