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Obamas paid effective tax rate of 18.7 percent in 2015 | Canindia News

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Obamas paid effective tax rate of 18.7 percent in 2015

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CanIndia New Wire Service 0 comments

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Washington, April 16 (IANS) US President Barack Obama and first lady Michelle Obama paid more than $81,000 in taxes last year on reported adjusted gross income of $436,065, for an effective tax rate of 18.7 percent.

According to tax returns released Friday by the White House, Obamas paid $81,472 in total tax. Last year their effective tax rate was 19.6 percent, on income of $477,383, The Washington Times reported.

The president and first lady also donated $64,066 – or about 14.7 percent of their adjusted gross income – to 34 different charities.

The largest reported gift to charity was $9,066 to the Fisher House Foundation, an organisation based in Rockville, Maryland, that provides housing to families of military members and veterans receiving medical treatment.

Their next-largest charitable donations were $5,000 each to the Beau Biden Foundation, named after Vice President Joe Biden’s son who died of cancer last year, and to Sidwell Friends, the private school attended by their daughters.

Meanwhile, Vice President Biden and his wife, Jill, paid more than $91,500 in federal taxes last year on adjusted gross income of more than $392,000.

The Bidens reported $6,620 in donations to charity.

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