President Barack Obama made less in 2012 than in any other year since taking office, with about 40 percent of the nearly $609,000 in income that he and first lady Michelle Obama reported coming from book sales.
Obama, who renewed his call for higher taxes on wealthy people in the budget he released Wednesday, paid $112,214 in taxes last year, putting his effective federal tax rate at 18.4 percent. The Obamas donated almost a quarter of their income to charity, according to tax returns released by the White House.
Most of the $608,611 that the Obamas reported in adjusted gross income came from the president’s salary, as he reported $394,840 in wages. An additional $258,772 came from royalties from his books, including his 1995 memoir “Dreams From My Father,” his 2006 political book, “The Audacity of Hope,” and a 2010 children’s book, “Of Thee I Sing: A Letter to My Daughters.”
Income from Obama’s books has fallen off since 2009, when his books sales surged after his inauguration. The Obamas made $5.5 million that year, but the figure dropped precipitously the next year to $1.73 million. In 2011, the Obamas reported about $790,000 in income.