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US President Barack Obama walks out before he talks about the Fiscal Year 2014 Budget in the Rose Garden at the White House in Washington, April 10, 2013.
WASHINGTON: US President Barack Obama paid an effective federal tax rate of 18.4 percent in 2012 and saw income from his bestselling books drop as he ran for re-election, according to his tax returns released by the White House yesterday.
Obama and his wife Michelle had adjusted gross income of $608,611 last year, down from $789,674 in 2011, and paid $112,214 in total taxes, compared to $162,074 in 2011.
Their total income came in at $662,076 - down almost 22 percent from $844,585 the previous year. As president, Obama is entitled to a $400,000 annual salary.
