First Family Paid $162,074 In Federal Taxes

WASHINGTON (CBSDC) — President Barack Obama released his 2011 federal income tax return on Friday.

The President and first lady Michelle Obama filed jointly and had a adjusted gross income of $789,674, about half of which was from the President’s annual salary.

It total, the Obamas paid $162,074 in taxes for a federal tax rate of 20.5 percent.

The President’s proposed “Buffet Rule” policy would raise his tax rate, as well as those of the wealthiest Americans in an effort to lower the tax burden for lower and middle class families.

The First Family also reported $172,130 in donations to 39 different charities. The single-biggest contribution to a non-profit was a $117,130 gift to the Fish House Foundation.

The President and First Lady also paid $31,194 in Illinois state income tax.

Download President Barack Obama’s tax returns.

Vice President Joe Biden and his wife Jill paid $87,900 in federal taxes this year.

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