Check Out President Obama and VP Biden’s 2010 Tax Returns
By Marian Wang, ProPublica
It’s Tax Day, and if you’re miffed and looking for a Tea Party Tax Day event  to join, perhaps you should first take a look at what the Obamas are paying in federal taxes. It might provide a bit of consolation.
According to the First Family’s 2010 tax return , the Obamas paid in excess of $450,000 in federal taxes—more than the President’s $400,000 salary. Much of the family’s income is from book sales, which slowed over the past year, causing their income to dip from $5.5 million in 2009 to $1.7 million last year. As the New York Times notes , the Obamas had a tax rate of just over 26 percent.
The Bidens earned about $379,000 in income  and paid $87,000 in federal taxes last year—a tax rate of about 23 percent.
That’s more than the average federal income tax rate, which, according to the Associated Press is 9.3 percent . The AP also reported that the richest U.S. households—whose income is officially taxed at 35 percent—paid a tax rate of about 17 percent after factoring in lucrative tax breaks.
In a speech last week, President Obama made clear he would block the extension of the Bush tax cuts , which expire at the end of 2012. That would raise the tax rates on individuals making more than $200,000 and households making more than $250,000—and would clearly apply to both the Obamas and the Bidens.
Originally Published at ProPublica: http://www.propublica.org/blog/item/check-out-president-obama-and-vp-bidens-2010-tax-returns
Tags: Taxes , Obama , Biden , Return , IRS , Tax
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