President Obama’s 2012 tax returns

The President and the First Lady reported a gross adjusted income of $608,611 for 2012. Based on that amount, they paid a total of $112,214 in federal income taxes. This translates into an 18.4% tax rate for the President and the First Lady. Obama has proposed the Buffet rule for anyone earning more than $1 million per year in income. The Obama’s adjusted gross income fell during 2012 from what was reported on their 2011 tax returns.

For more details about the President’s 2012 tax return read, “Obamas’ Tax Return Shows Lower Earnings.

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