Obamas paid $93K in taxes

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President Obama and first lady Michelle Obama reported an adjusted gross income of $477,383 and paid $93,362 in federal taxes for 2014, the White House said Friday.

The Obamas’ tax documents show they donated $70,712, which is 14.8 percent of their income, to 33 different charities. The largest donation was $22,012 to the Fisher House Foundation, which benefits families of military service members.

The family’s effective federal income tax rate was 19.6 percent.

{mosads}The first family experienced a decline in income and tax rate compared to 2013, when they earned $481,098 in adjusted gross income and had an effective rate of 20.4 percent. The Obamas also increased their charitable giving last year, up from $59,251 in 2013.

An Illinois tax return released by the White House showed the Obama family paid $22,640 in state taxes for 2014.

Vice President Biden and his wife, Jill, earned $388,844 in adjusted gross income last year, while paying $90,506 in total federal taxes. They also paid $13,661 in Delaware state taxes.

They donated $7,380 to charity in 2014, including giving the royalties from Jill Biden’s children’s book to the USO.

In addition to the president’s salary, the Obamas earned $16,000 in taxable income from interest and just over $88,000 in book royalties.

The family also made charitable donations to the American Red Cross, the United Negro College Fund, Habitat for Humanity, and the Sidwell Friends School, which their daughters attend.

The White House noted the Obamas’ tax bill was affected by his policies, including higher taxes on high-income earners, investment income, and Medicare.

“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,” press secretary Josh Earnest said in a statement. “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.”

The Obamas checked a box certifying they had full-year health insurance in 2014. The box now appears on tax forms because of ObamaCare, and people who do not have insurance have to pay a penalty.

Updated at 4:53 p.m.

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