Well, put it this way. According to their income 2012 tax return, the Obama family’s 2012 income was slightly lower than in 2011.
Here are the numbers, as released by the White House:
The President and First Lady earned $608,611 last year, and paid $112,214 in taxes. Sales from his best-selling books slowed even further in 2012, bringing his overall gross adjusted income down 30% compared to 2011.
Obama’s effective tax rate in 2012 was about 18.4%. He overpaid taxes last year to the tune of $16,815, according to the return. But instead of a refund, the president chose to apply the overpayment to his 2013 tax bill.
The president earns a salary of $400,000 for his day job. His total earnings are higher because his books — “Dreams From My Father,” and “The Audacity of Hope” — continue to attract buyers.
The Obamas donated $150,000, or 24% of their income, to 33 different charities.
You can get more at CNN Money.
In other Obama tax news, Mr. Obama is donating the proceeds from his latest book, “Of Thee I Sing,” to a Fisher House scholarship fund for children of fallen and disabled soldiers. In 2012, the contribution was $103,871.
In related news, watch this video to see how to avoid catching the attention of the IRS: