Today, the President released his 2015 federal income tax returns. The President and the First Lady filed their income tax returns jointly and reported adjusted gross income of $436,065. The Obamas paid $81,472 in total tax. The President’s effective federal income tax rate is 18.7 percent.
The President and First Lady also reported donating $64,066 – or about 14.7 percent of their adjusted gross income – to 34 different charities. The largest reported gift to charity was $9,066 to the Fisher House Foundation.
The President signed into law legislation that extended tax cuts to middle class and working families while helping improve the country’s fiscal health by requiring a greater contribution from the wealthiest Americans. In 2015, as a result of his policies, the President was subject to limitations in tax preferences for high income earners.
While we’ve made progress toward ensuring that the wealthiest Americans pay their fair share, there is more work to do. We need to close special tax loopholes for millionaires and billionaires, and invest in the middle class. The tax policies proposed in the President’s Budget would make paychecks go further in covering the cost of child care, college, and a secure retirement, and would strengthen tax credits that support and reward work.
The President and First Lady also released their Illinois income tax return and reported paying $16,017 in state income tax.
The Vice President and Dr. Jill Biden also released their 2015 federal income tax returns, as well as state income tax returns for both Delaware and Virginia. The Bidens filed joint federal and combined Delaware income tax returns. Dr. Biden filed a separate non-resident Virginia tax return. Together, they reported adjusted gross income of $392,233. The Bidens paid $91,546 in total federal tax for 2015, amounting to an effective tax rate of 23.3%. They also paid $13,729 in Delaware income tax and Dr. Biden paid $3,882 in Virginia income tax. The Bidens contributed $6,620 to charity in 2015.