President Obama released his 2012 federal income tax return today, with he and first lady Michelle Obama filing jointly and reporting adjusted gross income of $608,611. The Obamas paid $112,214 in total tax.
They reported donating $150,034 – or about 24.6 percent of their adjusted gross income – to 33 charities. The largest reported gift to charity was $103,871 to the Fisher House Foundation. The contributions included $5,000 to the Palm Beach County Law Enforcement Foundation: A motorcycle officer escorting Obama's presidential motorcade was struck by a truck and killed last September.
Obama's effective federal income tax rate is 18.4 percent and Press Secretary Jay Carney noted Obama has proposed policies like the Buffett Rule to require the wealthiest Americans to pay more. Under Obama's proposal, Carney said -- including limits on the value of tax preferences for high-income households -- Obama would pay more in taxes "while ensuring we cut taxes for the middle class and those trying to get in it."
The first couple also released their Illinois income tax return and reported paying $29,450 in state income tax.
The Bidens also released their 2012 federal income tax returns, as well as state income tax returns for Delaware and Virginia.
They filed joint federal and combined Delaware income tax returns. Jill Biden filed a separate non-resident tax return for the state of Virginia -- where she teaches. Together, they reported adjusted gross income of $385,072. The Bidens paid $87,851 in total federal tax for 2012. They paid $13,531 in Delaware income tax and $3,593 in Virginia income tax. The Bidens contributed $7,190 to charity in 2012 -- the Weekly Standard pointed out that's 1.87 percent of their income. But the Standard says its a bump up from 2011 when they donated less than 1.5 percent.