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POTUS and VPOTUS Have Released Their 2011 Tax Returns, Are Not As Rich As You Think

This just in from the White House blog:

Today, the President released his 2011 federal income and gift tax returns. He and the First Lady filed their income tax returns jointly and reported adjusted gross income of $789,674. About half of the first family’s income is the President’s salary; the other half is from sales proceeds of the President’s books. The Obamas paid $162,074 in total tax.

The President and First Lady also reported donating $172,130 – or about 22% of their adjusted gross income – to 39 different charities. The largest reported gift to charity was a $117,130 contribution to the Fisher House Foundation. The President is donating the after-tax proceeds from his children’s book to Fisher House, a scholarship fund for children of fallen and disabled soldiers. 

The President’s effective federal income tax rate is 20.5%. The President believes we must reform our tax system which is why he has proposed policies like the Buffett Rule that would ask the wealthiest Americans to pay their fair share while protecting families making under $250,000 from seeing their taxes go up. Under the President’s own tax proposals, including the expiration of the high-income tax cuts and limitations on the value of tax preferences for high-income households, he would pay more in taxes while ensuring we cut taxes for the middle class and those trying to get in it. 

The President and First Lady also released their Illinois income tax return and reported paying $31,941 in state income tax.

Interesting… does Michelle Obama not actually make any money? That's a shame. Maybe Jay Carney just didn't feel it was important to mention when he explained the makeup of the Obamas' income.

Anyway, here's the return for your reading pleasure. Anyone else notice they dumped a $200,000 Treasury bill for less than face in 2011 and redeemed an additional $2.8 million in T-bills? Makes you wonder what they know that we don't.

I can just picture the conversation in 2010 "Hey Barack, it's Timmy. Can you do me a favor and pick up maybe like $2 mil or so in T-bills? We're a little short here."

I leave further analysis to the tax wonks out there since I wouldn't know a Form 8949 from a hole in the ground (I pay someone for that). Gotta say it feels pretty good knowing I got more in dividends last year than the President and First Lady of the United States… but, you know, since they only got a whopping $3, that isn't saying much.

President Obama 2011 Tax Return

Meanwhile, the Bidens don't have nearly as much moolah to report:

The Vice President and Dr. Jill Biden also released their 2011 federal income tax returns, as well as state income tax returns for both Delaware and Virginia. The Bidens filed joint federal and combined Delaware income tax returns. Dr. Biden filed a separate non-resident tax return for the state of Virginia. Together, they reported adjusted gross income of $379,035. The Bidens paid $87,900 in total federal tax for 2011. They paid $13,843 in Delaware income tax and $3,614 in Virginia income tax. The Bidens contributed $5,540 to charity in 2011.

Here's the return:


VP Biden 2011 Tax Return