Obama’s income fell in election year

President Barack Obama paid an effective federal tax rate of 18.4 percent in 2012 and saw income from his best-selling books drop as he ran for re-election, according to his tax returns released by the White House on Friday, Reuters reports.

Obama and his wife Michelle had adjusted gross income of $608,611 last year, down from $789,674 in 2011, and paid $112,214 in total taxes, compared to $162,074 in 2011.

Their total income came in at $662,076 – down almost 22 percent from $844,585 the previous year.

As president, Obama is entitled to a $400,000 annual salary. He reported salary income in 2011 and 2012 of $394,800, however, after deducting pre-tax amounts he paid for his health insurance premium, according to a White House official.

The Obamas’ outside business income fell sharply as the president’s book sales declined. In 2012, the couple had business income of $258,772, down from $441,369 in 2011.

Book sales have declined dramatically since the early days of his presidency. In 2009, his business income from book sales came in around $5.2 million.

“Dreams From My Father,” an autobiographical look at his early life, was published in 2008, and “The Audacity of Hope,” which sketched out his policy vision, was published in 2004.

The Obamas reported giving $150,034 to charities, representing roughly 25 percent of their adjusted gross income. The largest gift was $103,871 to the Fisher House Foundation, an organization that provides housing for military families near military hospitals.

Michelle Obama has made supporting the military one of her top public causes as first lady.

The couple also gave $1,000 to the Palm Beach County Law Enforcement Foundation. One of its police officers was killed in September 2012 while working in the presidential motorcade.

Vice President Joe Biden and his wife, Jill, reported adjusted gross income of $385,072 and paid $87,851 in total federal taxes last year. Their charitable contributions amounted to $7,190, including some $2,000 in donated clothing and other items.

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