(Bloomberg) President Barack Obama and First Lady Michelle Obama earned $608,611 in adjusted gross income in 2012, down 23 percent from 2011 as royalties from Obama’s books continued to decline, tax returns released today showed.

Obama, 51, and his wife paid $112,214 in federal taxes for an 18.4 percent rate. That’s less than the 20.5 percent rate they paid the year before.

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