TIME White House

Barack and Michelle Obama Made $503,183 Last Year

President Barack Obama leaves with first lady Michelle Obama after speaking at the Lyndon B. Johnson Presidential Library in Austin, Texas.
President Barack Obama leaves with first lady Michelle Obama after speaking at the Lyndon B. Johnson Presidential Library in Austin, Texas, April 10, 2014. Brendan Smialowski—AFP/Getty Images

Tax returns released by the White House show that President Obama and his wife Michelle made about 27 percent less than in 2012, when their adjusted gross income was $608,611. The couple paid $98,000 in taxes last year

President Barack Obama and First Lady Michelle Obama paid $98,000 in taxes on $481,098 of adjusted gross income in 2013, according to their tax returns released Friday by the White House.

The first family, which reported an overall income of $503,183 before factoring in tax reductions, made about 27% less than in 2012, when their adjusted gross income was $608,611. In his five years at the White House, Obama’s income has fallen from a high of over $5.5 million in 2009, as royalties from his successful books have slowed. The Obamas paid an effective federal tax rate of 20.41 percent, above that of the average American family, but below the average tax rate paid by those earning incomes in the top quintile.

According to the tax returns, the Obamas donated $59,251, or 12.3 percent of their income, to charity in 2013 — below the $150,034 they donated to charitable organizations the year before.

Vice President Joe Biden and his wife, Jill, reported an adjusted gross income of $407,009 last year and paid $96,378 in taxes. The Bidens donated $20,523 to charity in 2013, including royalties from Dr. Biden’s children’s book.

See the President and Vice President’s full tax returns here.

 

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