Obama, Biden Release Tax Returns

The White House released President Obama’s and Vice President Joe Biden’s tax returns on Friday morning, per the AP:

President Barack Obama and his family paid more than $160,000 in federal taxes last year on earnings of $789,674, the White House said Friday.

The president’s 2011 federal income tax return shows that about half of the first family’s income is the president’s salary. The rest comes from sales of Obama’s books.

Obama’s effective tax rate is just above 20 percent — lower than many Americans who earn less. He has made tax-rate fairness a campaign issue, arguing that millionaires and other very wealthy people should not pay a smaller share of their incomes in taxes than people who earn much less.

See the returns here.

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Igor Bobic is the assistant editor of Talking Points Memo, helping oversee the site's coverage of politics and policy in Washington. While originally from Bosnia and Herzegovina, Igor feels best at home on the beaches of Southern California. He can be reached at igor@talkingpointsmemo.com.
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