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Obama reports $600k in income, paid 18.4 percent tax rate

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Politics,Beltway Confidential,Brian Hughes

President Obama and First Lady Michelle Obama reported an adjusted gross income of $608,611 for 2012 and paid an 18.4 percent income tax rate, the White House said on Friday.

In total, the first couple paid $112,214 in taxes last year.

The administration made the tax figures public Friday ahead of Monday's deadline to file returns with the IRS. Obama made personal tax rates an issue during the 2012 election, repeatedly hammering Republican Mitt Romney for paying a lower rate than most Americans.

And the White House continued to politicize the issue Friday.

“Under the president’s own tax proposals, including limitations on the value of tax preferences for high-income households, he would pay more in taxes while ensuring we cut taxes for the middle class and those trying to get in it,” White House Press Secretary Jay Carney said in a statement.

In theory, the president could give more of his income to the Internal Revenue Service, if he so desired.

The Obamas donated $150,034 – or nearly a quarter of their adjusted gross income – to 33 different charities, the White House said.

Vice President Biden and Dr. Jill Biden reported an adjusted gross income of $385,072, paying $87,851 in federal taxes.

 

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Brian Hughes

White House Correspondent
The Washington Examiner