Obamas report paying 19.6 percent effective tax rate

President Barack Obama and his wife, Michelle, paid nearly $94,000 in federal taxes on $477,000 in income, they said in tax returns released Friday.

That translates to an effective tax rate of 19.6 percent.


Like millions of Americans, he was forced to contend with Obamacare as part of his taxes, reporting paying both a special levy the health care law imposes on investments as well as a payroll surcharge.

And per the requirements of the law, he reported on Line 61 that he had health insurance for the entire year.

This is the first tax filing season the Affordable Care Act requires people to say whether they’ve had coverage.

Obama reported receiving $395,000 in salary in 2014, about $90,000 related to his books and $16,000 in taxable interest.

The Obamas gave about $70,000 or 14.8 percent of their income, to charity.

The biggest beneficiary was the Fisher House Foundation, a group that helps military families. It received $22,000. The Obamas also gave $5,000 to Sidwell Friends, the exclusive private school in Washington their children attend.

They gave between $1,000 and $2,000 to more than 30 other groups, including the Central Illinois Food Bank, the National Ovarian Cancer Coalition and the United Negro College Fund.

The Obamas reported being due a $20,000 tax refund.

They also paid $22,000 in Illinois state taxes.

Their income was down slightly from 2013, when they reported an adjusted gross income of about $481,000.

Obama has backed enacting a so-called Buffett tax, named for investor Warren Buffett, that would set a minimum 30 percent tax rate for those making more than $1 million.

Vice President Joe Biden and his wife paid an effective tax rate of 23.3 percent on an adjusted gross income of nearly $389,000, and gave more than $7,000 to charity.