Obamas Paid 18.7% in Taxes on $436,065 Gross Income in 2015
(Bloomberg) President Barack Obama and his wife, Michelle, reported adjusted gross income of $436,065 for 2015, down 8.7 percent from the previous year, according to tax returns released Friday by the White House.
The Obamas paid $81,472 in federal taxes for an effective income tax rate of 18.7 percent. They made most of their income from the president’s salary, plus $60,745 in book royalties. They were due a federal refund of $22,859.
Barack Obama, 54, and Michelle Obama, 52, donated $64,066 to charity, 14.7 percent of their adjusted gross income, according to a statement issued with the returns. Their largest donation, $9,066 went to the Fisher House Foundation, a Rockville, Maryland-based organization that provides housing to families of military members and veterans receiving medical treatment. The next largest donations, both for $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 $16,017 in Illinois taxes.
Biden and his wife, Jill, reported $392,233 in adjusted gross income and $91,546 in federal taxes for an effective tax rate of 23.3 percent. Their income was up 1 percent from 2014.
The Bidens donated $6,620 to charity, 1.7 percent of their adjusted gross income. Their largest donation, $2,400, was to the Catholic Diocese of Wilmington, Delaware.