Obama tax returns show big hit in 2013

Obama tax returns show big hit in 2013

Credit: MANDEL NGAN/AFP/Getty Images

US President Barack Obama and First Lady Michelle Obama walk with daughters Malia (L) and Sasha (2nd R)

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by Paul Singer, USA TODAY

NWCN.com

Posted on April 11, 2014 at 2:32 PM

Updated Friday, Apr 11 at 2:32 PM

President and Michele Obama saw their income drop significantly in 2013, according to tax returns released by the White House Friday.

For 2013, the Obamas reported adjusted gross income of $481,098 - no pauper's salary, but a 21% drop from the $608,611 they reported in 2012.

With the smaller take home pay, their charitable contributions similarly shrank - from $150,034 in 2012 to $59,251 in 2013.

The big difference: book sales are down. The Obamas reported $273,739 income from publishers/agents in 2012, but only $116,180 in 2013.

Vice President Biden and wife Jill Biden also released their returns Friday, with adjusted gross income of $407,009, a small increase over the $385,072 they reported a year ago.

The Bidens contributed $20,523 to charity in 2013, up from just $7,190 in 2012. Conservative commentators like Bill O'Reilly of Fox News have been critical of Biden in past years for not giving enough money to charity.

The Obamas paid $98,169 in total tax for 2013 but the Bidens paid more: $114,492 in total federal and state taxes because they pay state taxes in both Virginia and Delaware.

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