Obamas Paid $93,362 in 2014 Federal Taxes

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Published: April 11, 2015 8:15 am

Last Updated: April 11, 2015 8:18 am

White House South Lawn, Blue Sky, Washington, DC, USA

The average annual income of the top 1% of U.S. earners sits somewhere around $500,000, depending on the source of data. Based on that number, the Obamas are nearly there. According to the White House, the couple made an adjusted gross income of $477,383 in 2014. They paid $93,362 in federal income tax and $22,640 in state income tax to the State of Illinois. By most definitions, the couple, who filed jointly, are rich.

The Obamas have many advantages most other rich people do not. They live rent free in the White House, have free food, and do not pay driving or flying costs. Since the Obamas have a private plane, a huge house and a chef, those costs would be in the millions for any private citizen.

The Obamas are generous. They gave $70,712 to charity last year. The White House says those gifts were spread over 33 organizations.

Here are the details, and a download of the entire Obama tax return:

Today, the President released his 2014 federal income tax returns. He and the First Lady filed their income tax returns jointly and reported adjusted gross income of $477,383. The Obamas paid $93,362 in total tax.

The President and First Lady also reported donating $70,712 — or about 14.8 percent of their adjusted gross income — to 33 different charities. The largest reported gift to charity was $22,012 to the Fisher House Foundation. The President’s effective federal income tax rate is 19.6 percent.

In January 2013, the President signed into law legislation that extended tax cuts to middle-class and working families and helped improve the country’s fiscal health by asking the wealthiest Americans to pay their fair share. In 2014, as a result of his policies, the President was subject to limitations in tax preferences for high-income earners, as well as additional Medicare and investment income taxes.

After release the return, the president may find it harder to attack the rich, since he is one of them.

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