Obama earned less in 2012, pays $112k in taxes

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Posted: Friday, April 12, 2013 12:00 am

WASHINGTON (AP) - President Barack Obama made less in 2012 than in any other year since taking office, with about 40 percent of the nearly $609,000 in income that he and first lady Michelle Obama reported coming from book sales.

Obama, who renewed his call for higher taxes on the wealthy in the budget he released Wednesday, paid $112,214 in taxes last year, putting his effective federal tax rate at 18.4 percent. The Obamas donated almost one-quarter of their income to charity, helping to lower their overall tax bill, according to tax returns released by the White House.

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