April 12, 2013

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

The Associated Press

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In this Nov. 30, 2012 file photo, President Barack Obama waves as he arrives before speaking at the Rodon Group, which manufactures over 95% of the parts for K-NEX Brands toys, in Hatfield, Pa. 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.

AP

They reported donating $7,190 to charity. The largest sum of $2,400 went to the Catholic Diocese in Wilmington, Del.

The president this week revived his push for wealthier Americans to pay higher taxes, arguing that higher earners like himself should bear a larger share of the burden for deficit reduction. The $3.8 trillion budget blueprint he unveiled Wednesday proposed that "wealthy millionaires pay no less than 30 percent of income, after charitable contribution, in taxes," to ensure that poorer Americans don't get stuck paying higher rates than the wealthy. Obama also proposed a change in the way inflation is calculated that, if proposed, would have the effect over time of pushing more Americans into higher tax brackets.

"The president believes we must reform our tax system, which is why he has proposed policies like the Buffett Rule that would ask the wealthiest Americans to pay their fair share while protecting families making under $250,000 from seeing their taxes go up," White House spokesman Jay Carney said in a statement accompanying the release of Obama's tax returns.

During the negotiations with Congress over New Years, Obama won a tax increase on incomes over $400,000 for individuals and $450,000 for couples, although he had wanted those thresholds to be lower. The deal to avert the so-called fiscal cliff preserved the lower Bush-era tax rates for the middle class.

 

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