Politics
Elections 2012: In a campaign move, Obama releases tax returns
The push for the realignment draws renewed attention to the effective tax rate of presumptive Republican presidential nominee Mitt Romney, a millionaire who is paying 15.4 percent in federal taxes for 2011 on income mostly derived from investments.
By contrast, the top nominal rate for taxpayers with high incomes derived from wages, not investments, is 35 percent.
The White House released a copy of the president’s tax return, which also shows charitable donations of more than US$172,000.
Obama is donating after-tax proceeds from his children’s book to the Fisher House Foundation. The charity helps veterans and military families receiving medical treatment.
The family tax return is fairly simple by the standards of wealthy people with multiple assets and sources of income. Obama listed his two daughters as dependents and his occupation as “U.S. President.” Michelle Obama listed her occupation as “U.S. First Lady.” They listed 1600 Pennsylvania Ave. as their primary address.
The first family reported income of US$1.7 million for 2010, much of it from the sale of the president’s books. They paid federal taxes of US$453,770.
Their adjusted gross income for 2010 was far below the US$5.5 million they reported for 2009, also mostly from book sales.
