United States President Barack Obama and his wife, Michelle, paid $93,362 in federal taxes in 2014 with an earning of $477,383, but they reportedly gave out $70,712 to 33 charities. Their largest gift of $22,012 was given to Fisher House Foundation, an organization that houses military families during the period a relative is receiving treatment, according to Reuters.
The president is paid $400,000 for his position, but he also receives earning from publishers Dystel and Goderich and Random House, and interest.
The Obama’s income dropped in 2014 due to a decline in the sales of the president’s biographies, when compared to earnings of $503,183 in 2013, and $662,076 in the previous year. They also paid taxes at an effective rate of 19.6 percent, according to 2014 tax returns released by the White House, The Associated Press reports.
“In January 2013, the President signed into law legislation that extended tax cuts to middle-class and working families and helped improve the country’s fiscal health by asking the wealthiest Americans to pay their fair share,” White House Press Secretary Josh Earnest wrote on the White House blog. “In 2014, as a result of his policies, the President was subject to limitations in tax preferences for high-income earners, as well as additional Medicare and investment income taxes.”
