President Obama and the first lady reported a combined income of $436,065 on their 2015 tax returns, almost a 10 percent dip from the previous year and the lowest amount since the president took office.
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They also paid almost $49,000 in state and local income and property taxes.
Their top charity donation of $9,066 went to Fisher House Foundation, which provides housing for military families near military hospitals.
With schedules and state returns from Illinois, Obama’s tax return weighs in at 45 pages. Other organizations they donated do include the National Coalition for Homeless Veterans, Habitat for Humanity and Sidwell Friends School, which their two daughters Sasha and Malia attend.
They contributed $6,620 to charity in 2015.
The Obamas also sold or redeemed roughly $1 million in Treasury notes, freeing up cash they could use for costs they’ll face as they return to private life early next year.
They will get back a federal tax refund this year because they overpaid what they owed by more than $22,000.
Though not required by law, there’s a long tradition of presidents – and presidential candidates – releasing their tax returns. Sanders said he also planned to release returns on Friday.
Procrastinators have a few more days to file their taxes. “We need to close special tax loopholes for millionaires and billionaires, and invest in the middle class”.
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Biden and his wife, Jill, reported $392,233 in adjusted gross income and $91,546 in federal taxes for an effective tax rate of 23.3 percent.
