Unfortunately, Obama still has a job. That is more than many Americans can say...
WASHINGTON—President Barack Obama and First Lady Michelle Obama
paid $112,214 in federal income taxes in 2012 on adjusted gross income
of $608,611, an effective rate of 18.4%, the White House said Friday.
The first family's income declined from
the $789,674 in adjusted gross income they reported in 2011. That year
they paid total federal taxes of $162,074, an effective rate of 20.5%.
Their 2012 income continues a steep decline from 2010 when they reported
$1.7 million in adjusted gross income, the bulk of which was royalties
from sales from books written by Mr. Obama. Keep on reading...
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