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Today, the Obamas released their 2012 federal income and gift tax returns. The couple reported an income of $1.728 million for last year, most of that coming from the sale of the president's books. They paid the IRS a net of $453,770 in federal taxes. The president and first lady donated $245,075 — or about 14 percent of their adjusted gross income — to 36 different charities.
If you want to go line-by-line, you can download the full tax return here.
The President plans to donate the after-tax proceeds from his children's book to a Fisher House scholarship fund for children of fallen and disabled soldiers.
Book sales are what they used to be; Their income for 2010 dropped below the $5.5 million they made the year before.
The Bidens paid $14,479 in Delaware income taxes and $3,515 in Virginia income taxes.
Want to know where you’re tax dollars go, specifically? As promised by Obama in his SOTU speech, you can now go online and calculate your how your tax dollars were spent. Now, if only they could do something about those overly complicated forms...