Obamas Paid 18.4% Federal Tax on $608,611 of Income in 2012

Obamas Paid 18.4% Federal Tax on $608,611 of Income in 2012

Andrew Harrer/Bloomberg

President Barack Obama and first lady Michelle Obama earned $608,611 in adjusted gross income in 2012, down 23 percent from 2011 as royalties from Obama’s books continued to decline, tax returns released today showed.