Obama's Income has Plummeted from $5 Million a Year to $481,000 Since Becoming President

By admin April 14, 2014 09:23

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During his time at the White House, the Obama household’s gross income per year has decreased from a high of more than $5.5 million in 2009 to $481,000 this year.

Obama’s total income in 2013 was less than that in 2012 and 2011.

Sales of the President’s book dropped from $258,722 in 2012 down to $104,000 in 2013.

On the other hand, when Mr Obama finally leaves office in just under three years, the books that he writes will be sure to make him and his family a considerable sum of money.

When it comes to 2013’s tax return, the couple paid $98,169 in taxes on their $481,098 income for the 2013 fiscal year, according to details released by the White House on Friday.

It means they paid an effective federal income tax rate of 20.4 per cent.

By comparison, the Obamas reported income of $662,076 and paid $112,214 in federal taxes at a rate of 18.4 percent for 2012.

In 2011, they earned $844,585 while paying $162,074 in federal taxes. After deductions, the couple’s adjusted gross income was $608,611 in 2012 and $789,674 in 2011.

Obama’s annual presidential salary is $400,000. He had planned to return 5 percent of his pay in 2013 as a gesture of solidarity with federal government workers who faced unpaid leave amid deep spending cuts.

Obama reported $394,796 in 2013 wages, and it was not immediately clear if or how he returned any portion of those earnings.

Because his overall taxable income this year came in at $333,329 that keeps him well below the $450,000 mark where individuals begin being taxed at the raised 39.6 per cent rate that the President boosted in the ‘millionaire’s tax’ that his administration put into effect not long ago.

The 42-page document shows the Obamas reported donating $59,251 to 32 charities which equates to 12.3 per cent of their adjusted gross income.

That figure is $90,000 less than the couple donated to charity last year, which may be a result of his falling book sales.

Their largest charitable gift, $8,751, went to the Fisher House Foundation, which supports military families.

Among the Obamas’ other notable charitable contributions were $5,000 to the Sidwell Friends School, the exclusive private school where daughters Malia and Sasha are enrolled, $4,000 to the American Red Cross and $2,000 to One Fund Boston, which was created last year to aid victims of the Boston Marathon bombings.