President Obama and First Lady Michelle Obama released their tax returns again this year, showing how much the couple earned, what tax percentage they paid, and which charities the couple gave to and how much they gave.
The combined income of the POTUS and FLOTUS in 2015 was lower than it has been throughout President Obama’s time in office. Forbes explains how the Obamas’ adjusted gross income was calculated:
‘More than 90 percent of the first couple’s income came from the president’s salary—the same $400,000 the country has paid its commander -in-chief since 2001 (reduced this year by a few thousand dollars for some unstated reason). The president also earned about $56,000 in book royalties and only a few hundred dollars from investments. After subtracting contributions to a retirement plan, a deduction for Medicare tax on the president’s income as an author, and $3,000 of capital losses, the couple’s adjusted gross income (AGI) totaled $436,065.’
The decline in income this year as compared to previous years results from declining sales now that his books “Dreams from My Father” and “The Audacity of Hope” are twelve and nine years old, respectively. A third book by President Obama, “Of Thee I Sing,” earns the POTUS no income, as all of its profits are donated to charity.
Itemized deductions on the couple’s tax return included $48,000 in state and local taxes, $36,000 in mortgage interest, and a whopping $64,000 in personal charitable contributions. Their taxable income after subtracting itemized deductions was $290,640, placing them in the 33rd percentile for income in the United States.
President Obama also paid an additional $7,743 in Medicare tax, resulting from provisions in the president’s Affordable Care Act. In all, the couple paid 18.7 percent of their adjusted gross income in taxes, totaling $81,500. This figure is comparable to previous years in which they paid between 18.4 and 20.4%.
The federal government withholds about $99,000 annually from the president’s salary to cover taxes, and the couple had $5,000 withheld from their 2014 refund to be applied in 2015, giving them a hefty tax refund. Approximately 80% of filers in the United States also receive a tax refund each year.
Donald Trump’s tax returns cannot be viewed anywhere, as he still hasn’t released them.