Through White House Press Secretary Jay Carney, President Barack Obama announced the release of his family’s 2012 tax returns Friday. The 32-page tome can be accessed here.
The Obamas reported an adjusted gross income of $608,611, $400,000 of which came from the President’s salary, and almost all of the remainder coming from book sales. The family paid $112,214, or 18.4 percent, in taxes. Through relatively sizable charitable donations, the Obamas’ actual tax liability was $335,000.
Interestingly, the President’s beloved Patient Protection and Affordable Care plan would require only about $2,000 in tax contributions for someone reporting the Obamas’ earnings, according to Forbes. That leaves lower income brackets to foot the rest of the plan’s required $317 billion in new tax revenues over the next 10 years.
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