Obama Taxes Show Big Drop In Income, Charitable Giving
President Obama and first lady Michelle Obama released their tax returns for 2013 on Friday. They show the couple saw a big drop in income and charitable giving.
They paid $98,169 in federal taxes on a $481,098 income. In 2012, their income was $608,611.
The AP reports:
"The 42-page document, which included the couple's Illinois state income tax return, shows the Obamas reported donating $59,251 to 32 charities, which helped lower their overall tax bill. The nearly $60,000 in donations represents 12.3 percent of their adjusted gross income.
"But their charitable giving was down sharply from 2012, when the president and first lady reported giving away $150,034.
"Their largest charitable gift last year, $8,751, went to the Fisher House Foundation, which supports military families. The Obamas gave the foundation $103,871 in 2012."
USA Today reports the drop in income has to do with book sales.
"The Obamas reported $273,739 income from publishers/agents in 2012, but only $116,180 in 2013," the paper reports.
The White House says the Obamas also paid $23,328 in state income tax.