Obamas' Tax Returns Show $1 Million Drop in Income
The seven-figure decrease was largely due to fewer sales of the president's best-selling books.
| Posted Friday, April 13, 2012, at 12:14 PM
Photo by Brendan Smailowski/AFP/Getty Images.
President Obama and his family made nearly $1 million less in 2011 than they did the year before, according to tax returns the White House released Friday.
The Obama family's adjusted gross income for 2011 was $789,674. In 2010, the family brought in $1,728,096. As CNN notes, Obama makes $400,000 a year as president, and earns the bulk of his remaining income from royalties from sales of his best-selling books, Dreams From My Father and The Audacity of Hope.
The president's family donated 22 percent of their income, or about $172,00 to charity, and paid $162,074 in federal taxes. His effective tax rate: 20.5 percent. As the White House made sure to point out, if the president's tax reform proposals became law, his own tax rate would climb.
Vice President Joe Biden's 2011 tax returns were also released Friday, showing an income of $379,035, with a 23 percent effective tax rate, about the same as Biden's returns from 2010, the New York Times notes.
The Washington Post has more on Obama's tax returns here. You can check them out for yourself here.
