The Obamas filed their tax returns a few days early, claiming a gross income of $495,964 on which they owed federal taxes of $93,362. The first couple’s side business, publishing, netted them just over $88,000, while the president’s salary was $395,000. The Obamas’ adjusted gross income (AGI) was $477,383 after deductions. The total AGI was about $4,000 less than they earned last year. The first couple will apply a refund owed to them from last year–$19,108–toward paying this year’s total.
The Obamas donated $70,000, or about 15% of their adjusted gross income, to charities. The state of Illinois got a bonus from the Obamas, too. Since it’s their official residence–though they’ve been, you know, staying more often in Washington–Illinois collected $22,640 in state taxes from the first couple. The Obama federal tax bill is nearly double what the average American household makes in a year.
