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The Obamas earned $627,000 last year but income drops

Published on Apr 12, 2014 4:07 AM
 
President Barack Obama and his wife Michelle reported half a million dollars in income for 2013, down from the previous year as revenues from his best-selling books continued to fall, according to their tax returns released by the White House on Friday. -- FILE PHOTO: AFP

WASHINGTON (REUTERS) - President Barack Obama and his wife Michelle reported half a million dollars in income for 2013, down from the previous year as revenues from his best-selling books continued to fall, according to their tax returns released by the White House on Friday.

The Obamas earned US$503,183 (S$627,000) last year and after deductions had an adjusted gross income of US$481,098. They paid US$98,169 in federal taxes, or 20.4 per cent, and donated nearly $60,000 to charities, the documents showed.

In comparison, the Obamas reported income of US$662,076 and paid US$112,214 in federal taxes at a rate of 18.4 per cent for 2012. In 2011, they earned US$844,585 while paying US$162,074 in federal taxes. After deductions, the couple's adjusted gross income was US$608,611 in 2012 and US$789,674 in 2011.

Obama's annual presidential salary is US$400,000. He had planned to return 5 per cent of his pay in 2013 as a gesture of solidarity with federal government workers who faced unpaid leave amid deep spending cuts. Obama reported US$394,796 in 2013 wages, and it was not immediately clear if or how he returned any portion of those earnings.

 
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