The White House on Friday released the president’s federal and state income tax returns, revealing that Barack Obama and First Lady Michelle Obama earned $503,183 last year and paid an effective federal income tax rate of 20.4 percent.
The couple’s adjusted gross income of $481,098 after tax reductions fell more than 20 percent from the $608,611 they made the previous year. The financial hit appears to be mostly due to a drop in book sales, which brought in $273,739 from publishers in 2012, but just $116,180 in 2013, according to the returns.
The president and first lady paid $98,169 in 2013 federal taxes, and $23,328 in state income taxes for Illinois.
With their drop income came a drop in charitable giving. The Obamas reported donating $59,251to 32 different charities this year, or about 12 percent of their income. Last year, the Obamas donated $150,034.
The largest gift in 2013 was $8,751 to the Fisher House Foundation, a nonprofit that provides housing to family members who want to stay close to loved ones who are hospitalized.
Vice President Joe Biden and his wife, Jill Biden, also released their federal and state income tax returns, reporting an adjusted gross income of $407,009.
The Bidens, who contributed $20,523 to charities in 2013, paid $96,378 in federal taxes, for an effective tax rate of 23.7 percent.
They also paid $14,644 in Delaware income tax, and Dr. Biden paid $3,470 in Virginia income tax.