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Obamas´ income drops 21% to $481,098
CNN, by Jeanne Sahadi

Original Article

Posted By:Pluperfect, 4/12/2014 4:22:14 AM

New York - President Obama and First Lady Michelle Obama reported an adjusted gross income of $481,098 for 2013 -- about 21% less than the year before. The bulk of their income came from the president´s salary, but the Obamas also reported roughly $100,000 in business income from Random House and literary management company Dystel & Goderich. The White House released the couple´s 2013 federal tax return on Friday. Their federal tax bill for 2013 came to $98,169, according to their return. That´s an effective federal tax rate of 20.4% on the First Family´s AGI. But because they already paid $117,277 in federal taxes,

Comments:
Isn´t it fortunate they have all those taxpayer dollars to cushion the fall.

      


Post Reply  

Reply 1 - Posted by: paral04, 4/12/2014 5:08:44 AM     (No. 9807775)

How could their take rate be so low? They have no expenses?

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Reply 2 - Posted by: Trigger2, 4/12/2014 5:27:19 AM     (No. 9807780)

How come the taxpayer gift of monthly million dollar vacations wasn´t included as income?

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Reply 3 - Posted by: DCGIRL, 4/12/2014 7:01:53 AM     (No. 9807807)

CNN forgot to remind you of all the MILLIONS that Obama and Michele received as entitlements for travel and parties.

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Reply 4 - Posted by: GreatGreyhounds, 4/12/2014 7:07:11 AM     (No. 9807812)



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Reply 5 - Posted by: pineledger, 4/12/2014 7:14:47 AM     (No. 9807818)

"Effective" tax rate is very different from the stated marginal tax rate/bracket. If there is an apparently low effective rate, that means that LOTS of deductions, exclusions, credits, etc., have been claimed.

The reason they are getting $19K in overpayment refund just means that they overpaid their estimated tax; the estimated tax for taxpayers with incomes like theirs is calculated on 110% of the previous year´s taxes. Presumably they have sheltered money in Keoghs or similar kinds of accounts, so their real overpayment was probably much higher. Plus they also probably took the first installment of 2014´s estimated tax out of the refund due.

2 poses the real question: What about the imputed income received by Living Large at 1600 Pennsylvania Ave.?

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Reply 6 - Posted by: pineledger, 4/12/2014 7:21:07 AM     (No. 9807824)

Sorry for the double post but could a CPA here give us a reaction to the Obama´s Form 1116 (US and Foreign Source Income Summary) and the associated supplementary statement?

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Reply 7 - Posted by: uno, 4/12/2014 7:40:55 AM     (No. 9807841)

This Oaken Token dropped from the backside of a large wooden horse will have no problems living on his Soviet and Chicom subsidies...

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Reply 8 - Posted by: avital2, 4/12/2014 8:13:16 AM     (No. 9807876)

not sure how they can afford Michelle´s designer duds on that income.......let´s dig deeper

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