*Unlike Mitt Romney, who’s asking for an extension, the White House has released the president’s 2011 tax info for the world to see as the filing deadline looms on Tuesday, April 17.
President Barack Obama and his family paid more than $160,000 in U.S. taxes last year.
Specifically, the president’s 2011 federal income tax return shows reported adjusted gross income of about $790,000 last year. About half of the first family’s income is his salary. The White House says the rest comes from sales of Obama’s books.
Obama’s effective tax rate is just above 20 percent — lower than many Americans who earn less, something he wants to change. He has made tax-rate fairness an election campaign issue as he seeks a second term.
The White House released a copy of the president’s tax return, which shows charitable donations of more than $172,000.
President Obama is donating after-tax proceeds from his children’s book to a charity that helps veterans and military families receiving medical treatment.
Meamwhile, President Obama said Republican presidential candidate Mitt Romney should ‘absolutely’ release his tax returns, calling it a tradition among U.S. presidents and candidates, in an interview conducted by Univision in Cartagena, Colombia.
As we said above, Romney requested a six-month extension to file his 2011 federal income taxes, said Andrea Saul, his campaign spokeswoman. Saul said he would file and release the return before the Nov. 6 general election.
“I think that it’s important for any candidate in public office to be as transparent as possible, to let people know who we are, what we stand for, and you know, I think that this is just carrying on a tradition that has existed throughout the modern presidency,” Obama said yesterday, according to a transcript of the interview released today. The interview airs Sunday on Univision’s “Al Punto” program.
Read/learn more at Bloomberg.