Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

4/15/2013 (1 year ago)

Catholic Online (www.catholic.org)

Decline in income blamed on slump in his book sales

It's a sinking disappointment to realize that after doing your taxes to find you made less last year than the one previously. Don't feel bad: It's been revealed that both President Barack Obama and first lady Michelle Obama paid $112,214 in federal income taxes for 2012 on adjusted gross income of $608,611, an effective rate of 18.4 percent. Essentially, the Obama family's income, or the amount after certain deductions and exemptions was down from $789,674 that the Obamas reported in 2011, when they paid total federal taxes of $162,074, an effective rate of 20.5 percent.

His books ales are falling, but so is his tax bill. Obama is paying less tax as a percentage of his income than many working Americans.

His books ales are falling, but so is his tax bill. Obama is paying less tax as a percentage of his income than many working Americans.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

4/15/2013 (1 year ago)

Published in U.S.

Keywords: President Obama, taxes, book sales, royalties


LOS ANGELES, CA (Catholic Online) - The decline was due primarily to Obama's falling book royalties. Both Obama's "The Audacity of Hope" and "Dreams from My Father" royalties have fallen over time, to just under $274,000 last year.

Obama's book-related earnings peaked in 2009 when he garnered about $5.6 million from two publications,
The Obamas paid $29,450 in state income tax to Illinois for 2012.

The couple gave $150,034, or about 24.6 percent of their adjusted gross income, to 33 different charities last year. The largest reported gift was $103,871 to the Fisher House Foundation, which provides free housing to family members of injured veterans.

The rest of the Obama's charitable contributions were spread across a range of charities, such as the American Cancer Society, Habitat for Humanity and the National Congress of Black Women.

The Obamas also made a $5,000 contribution to Sidwell Friends School, the exclusive private school attended by their two daughters, Malia and Sasha, in both 2011 and 2012.

Meanwhile, Vice President Joe Biden and wife Jill Biden reported adjusted gross income of $385,072 in 2012, the White House said. They paid $87,851 in total federal income tax for 2012, a further $13,531 in Delaware income tax and $3,593 in Virginia income tax. The Bidens gave $7,190 to charity in 2012.

These revelations come at a time when there is much discussion over what level of taxes the wealthy should pay. Obama's budget released last week included several proposals to raise taxes, particularly on upper-income Americans, as part of a package aimed at restarting deficit-reduction talks with Republican lawmakers.

The White House budget includes the so-called Buffett Rule, which would impose a 30 percent minimum federal tax on Americans earning $1 million or more per year. The president has personally championed the idea, saying upper-income families should pay higher effective tax rates than middle-class families.

The rule is named for the billionaire investor Warren Buffett, who says he pays a lower effective tax rate than his secretary. The president's budget would raise about $1 trillion in new tax revenue over the next decade.

---


Pope Francis: end world hunger through 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for September 2014
Mentally disabled:
That the mentally disabled may receive the love and help they need for a dignified life.
Service to the poor: That Christians, inspired by the Word of God, may serve the poor and suffering.



Comments


More U.S.

St. Michael the Archangel, Defend Us in Battle: Pope Francis Takes on the Devil Watch

Image of

By Deacon Keith Fournier

Now the new People of God is the Church. That is the reason she considers him her protector and support in all her struggles for the defense and expansion of the kingdom of God on earth. It is true that "the powers of death shall not prevail", as the Lord assured ... continue reading


Need milk? Eggs or flower? The Post Office may have you covered Watch

Image of Amazon partnered with the USPS to provide daily grocery deliveries to people in the San Francisco Bay area, a program the USPS wants to extend to the rest of the country.

By Catholic Online (NEWS CONSORTIUM)

The U.S. Postal Service has revealed a new plan to reverse its six-year streak of billion-dollar losses, which is as ingenious as it is simple. LOS ANGELES, CA (Catholic Online) - The USPS wants to deliver your groceries to you, and the agency sent this proposal to ... continue reading


Where the buffalo roam... Native Americans plan return of free range Bison on the American Great Plains Watch

Image of Bison calves are playful and eager to roam free.

By Catholic Online (NEWS CONSORTIUM)

Buffalo are part of the American west. Across the vast prairies of the Great Plains, herds grazed and migrated, crisscrossing the open grasslands in great, thundering tides. Each year, some of these buffalo were hunted by Native Americans who used everything, from ... continue reading


What did he drink to stay alive? Prison guards suspected of murder after inmate dies of thirst Watch

Image of Investigations continue into the death of a mentally ill man at a North Carolina prison.

By Catholic Online (NEWS CONSORTIUM)

A mentally ill North Carolina man died of thirst after being placed in solitary confinement for 35 and having the water to his cell shut down by prison officials. LOS ANGELES, CA (Catholic Online) - Michael Kerr, an inmate at the Alexander Correctional Institution ... continue reading


Who Are the Mother and Brothers of Jesus? We Are Watch

Image of The Father of Jesus becomes our Father also, as we enter, through Him, into the inner life of the Trinity. He underscores this truth right before He ascended when He instructed Mary of Magdala to tell the disciples

By Deacon Keith A Fournier

In this exchange, Jesus opens up for those with eyes to see and ears to hear the deeper interior importance and meaning of the motherhood of Mary  and the interior meaning of all family relationships renewed by the Holy Spirit. He gives to those with ears to ... continue reading


Oklahoma City beheader linked to radical Islamic groups Watch

Image of Alton Nolen, the Oklahoma City man who decapitated his coworker last week had attended a local mosque with ties to radical Islamist groups.

By Catholic Online (NEWS CONSORTIUM)

Alton Nolen, the Oklahoma City man who decapitated his coworker last week had attended a local mosque with ties to radical Islamist groups. Suharto Webb, an Imam with ties to former Al Qaeda mastermind Anwar al-Awlaki, had been the leader of the Islamic Society of ... continue reading


The Lesson of Herod: Developing Our Spiritual Senses Watch

Image of As we receive the Lord Jesus today - as we read and reflect on His Word and feed on His Body and Blood in the Holy Eucharist - let us enter into the communion of prayer. Ask the Holy Spirit to open the ears of our hearts. Ask the Holy Spirit to open the eyes of our heart. Then we will see the Lord with eyes of living faith and hear Him as He speaks.

By Deacon Keith A Fournier

In the Christian tradition there is a body of beautiful reflection on what are called the spiritual senses. These senses, in a way, parallel our physical senses. Through prayer and intimate communion with the Lord we can cultivate ears to hear the Lord speak to ... continue reading


Last year, Obama let 300,000 Muslim immigrants into the USA. Security concerns develop. Watch

Image of The Islamic State can easily sneak into the U.S. via the southern border, or tap into the growing pool of foreign born Muslims living in the United States.

By Catholic Online (NEWS CONSORTIUM)

Over the last three years the number of immigrants in the United States has jumped by 3%, a new study from the Center for Immigration Studies reveals. LOS ANGELES, CA (Catholic Online) - In 2013 there were a record high of 41.3 million immigrants in the U.S., and ... continue reading


Thousands of Catholics in Oklahoma City join procession against satanic Black Mass Watch

Image of A heavy metal rock band lent their support to the black mass in Oklahoma City -- which reportedly only drew about 42 worshipers.

By Catholic Online (NEWS CONSORTIUM)

Thousands of Catholics from across the United States gathered at the Saint Francis of Assisi Church in Oklahoma City to defy Satanists who were holding a "black mass" nearby. More than 600 people filled the church for a prayer service led by Archbishop Paul ... continue reading


Former Crystal Cathedral undergoing Catholic makeover Watch

Image of The Diocese of Orange purchased the Crystal Cathedral in February of 2012 from the Protestant community which founded it.

By CNA/EWTN News

The Diocese of Orange announced Wednesday the new design plans for Christ Cathedral, saying they are intended to transform the former Crystal Cathedral into a space that is "liturgically and intrinsically Catholic." (CNA/EWTN News) - "Through this innovative ... continue reading


All U.S. News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Job 3:1-3, 11-17, 20-23
1 In the end it was Job who broke the silence and ... Read More

Psalm, Psalms 88:2-3, 4-5, 6, 7-8
2 may my prayer reach your presence, hear my cry for ... Read More

Gospel, Luke 9:51-56
51 Now it happened that as the time drew near for him ... Read More

Saint of the Day

Saint of the Day for September 30th, 2014 Image

St. Jerome
September 30: St. Jerome, who was born Eusebius Hieronymous Sophronius, was ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter