WASHINGTON -- President Obama’s income continued its recent creep downward in 2012, along with his effective federal income tax rate, according to the tax returns released Friday by the White House.
The president and first lady reported a joint adjusted gross income of $608,611, down from almost $790,000 in 2011. The Obamas paid $112,214 in federal taxes in 2012, for an 18.4% effective income tax rate.
In recent years, the president’s income has slipped as sale of his books appear to have tapered off. On a form noting his profession as “author,” the president reported $273,000 in income from book sales, a 40% drop since last year. His government salary was $394,840.
As he has in the past, Obama paid a relatively low effective tax rate for his income bracket in part because of his considerable donations to charity, which are deductible. The Obamas reported donating $150,034 -- about 24.6% of their adjusted gross income -- to various charities, including Habitat for Humanity, the University of Hawaii Foundation and the Palm Beach County Law Enforcement Foundation. The Obamas contributed $5,000 to Sidwell Friends School, their daughters’ private school. The largest recipient was the Fisher House Foundation, a veterans scholarship fund that receives proceeds from Obama’s 2010 children’s book, "Of Thee I Sing: A Letter to My Daughters.”