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Obama earned lowest income of his presidency in 2015

Obama earned lowest income of his presidency in 2015
April 16
15:18 2016
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Tax returns which the White House released on Friday showed that President Barack Obama’s income fell to just over $436,000 in 2015, the lowest of his presidency.

He and Michelle, his wife paid nearly $81,500 in taxes, and the first family paid an effective tax rate of 18.7 percent.

The record also showed that the Obamas donated $64,000 to charity, the largest donation of $9,000, went to the Fisher House Foundation, which assists wounded military members and their families.

The 45 pages of documentation, which also includes an Illinois state tax return, shows a presidential salary of about $395,000, plus another $61,000 in payments stemming from Obama’s two best-selling books.

Last year, the couple reported making $94,889 from book sales — a sharp decline from the millions Obama made when book sales surged after his 2009 inauguration.

Obama and the first lady lowered their tax bill by claiming more than $145,000 in itemized deductions, including tax-deductible donations.

Overpaid on their taxes, the Obamas will be receiving a refund of nearly $23,000.

The Obamas reportedly paid just over $16,000 in state taxes in Illinois, where they own a home.

In addition to Fisher House Foundation, long the Obamas’ favored charity, the couple donated $5,000 to the Beau Biden Foundation, established in honor of Vice President Joe Biden’s son who died of brain cancer last year.

They contributed $5,000 to Sidwell Friends School, which daughters Sasha and Malia attend.

Obama, who will be leaving office in January, has revealed that his family plans to stay in Washington for a few years until youngest daughter Sasha finishes high school.

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