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Friday April 29, 2016

Washington News

Washington Hotline

Obamas and Bidens Publish 2015 Tax Returns

Each year President Obama and Vice President Biden publish their tax returns. For 2015 President and Mrs. Obama paid $81,472 in federal tax on total income of $436,065. The salary of the President set by Congress is $400,000. The tax rate of President and Mrs. Obama is approximately 18.7% of their income.

President and Mrs. Obama gave $64,066 to 34 charities. This represents about 14.7% of their adjusted gross income. While most gifts were $1,000 or $1,500, some charities received larger transfers. The Fisher House, which provides housing for families of injured veterans who are in VA hospitals, received a gift of $9,066. The Beau Biden Foundation, named after the deceased son of Vice President Biden, received a gift of $5,000.

Vice President and Mrs. Biden received income from his salary from the federal government and her position on the faculty of Northern Virginia Community College. Their income was $392,279 and the federal tax paid was $91,546. The largest part of their income was the Vice-Presidential salary of $230,700. Their overall tax rate was 23.3%.

The Bidens gave $6,620 to charity. This represents about 1.7% of their adjusted gross income. Their largest gifts were $2,400 to the Annual Catholic Appeal for the Diocese of Wilmington, Delaware, $1,200 to the Northern Virginia Community College Foundation and $1,125 to Westminster Presbyterian Church.

Published April 22, 2016
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