President Barack Obama and Vice President Joseph R. Biden Jr. released their tax returns Friday — three days ahead of the April 15 Tax Day deadline.
Both men filed jointly (although Dr. Jill Biden also filed a separate non-resident tax return in Virginia). The Obamas reported adjusted gross income of $608,611 and paid $112,214 in total tax. The Bidens reported AGI of $385,072 and paid $87,851 in total federal tax for last year. They paid $13,531 in Delaware income tax and $3,593 in Virginia income tax.
Our ace White House reporter Steven T. Dennis has been tweeting out some noteworthy nuggets based on his perusal of the filings — the Obamas' filing was 38 pages and the Bidens' was 31 pages. You can download the returns over at the official White House site.
Here are Steve's fun facts:
- Obama's net tax rate on his $608K AGI: 21.2% Biden's net tax rate on his $385K AGI: 22.8%
- AMT (Alternative Minimum Tax) hit the Obamas with a $21,221 bill
- AMT also hit the Bidens — $5,987
- Barack & Michelle Obama gave $150K to charity. Joe & Jill Biden gave $7,190 in cash & goods
- Obama's biggest charitable contribution by far — $103K — went to the Fisher House Foundation for military families
- There is no mention of a Trans Am anywhere in Biden's tax return.
- Worth noting that POTUS is much wealthier than VPOTUS, who at last check still had a personal loan with a 9.99% interest rate.
- Fun fact: Biden's employer is listed as "United States Senate" on his tax return. #presidentofthesenate
- Obama reported $45K in mortgage interest. Would have been less if he'd only take his own advice & refinance.
- Fun fact: The Biden-negotiated fiscal cliff deal raised tax rates on couples earning $450K+. Obama wanted $250K+. The Bidens made $385K.
- Bidens also gave $5,190 to charity last year, incl. $3,400 to Catholic and Presbyterian churches. <2% of his income.
- Biden donations to charity were valued at $2K.
- Biden donations to Goodwill: Boots, kitchenware, pottery, bikes, toys, glassware, clothing. Ministry of Caring got furniture & exercise equipment
- Bidens reported $17,944 in rental income from a cottage.
- Joe Biden's tax return shows he received $29,761 in Social Security benefits last year.