He has a nice house and some fancy rides, but President Barack Obama’s salary is embarrassingly low compared to other CEOs. And, it’s going down.
In fact, the Obama’s tax returns show they made less money in 2012 than in any other year since he took office. The President and First Lady Michelle, who file jointly, had an adjusted gross income of $608,611, down from $789,674 in 2011. They also paid $112,214 in total taxes, compared to $162,074 in 2011, as the family’s tax returns, which were publicly released, indicate.
The Obamas’ total income came to $662,076, which plummeted nearly 22 percent from $844,585 during the previous year.
The presidential yearly salary comes in at $400,000, and for the previous two years, the Obamas’ earnings were $394,800, the difference of $5,200 is attributed to the pre-tax amount of their health insurance premium. Consider that the President of General Motors made $7.7 million last year and the President of Bank of America made $950,000 plus $9.05 million in stock awards.
The monies the Obama’s made from various outside business ventures also took a dip. In 2011, the Obamas had business income that came to $441,369, and last year, their earnings dwindled down to $258,772.
As far as deductions, the Obamas claimed a $50,000 retirement plan contribution, two dependents (daughters Sasha and Malia), some mortgage interest, real estate, and state income taxes.
The presidential couple donated $150,034, or about 24.6 percent of their adjusted gross income, to 33 various charities. The largest gift to charity was $103,871 to the Fisher House Foundation, which aids military families. The Obamas paid $29,450 to the state of Illinois.
If you’d like to see more of the Obamas tax return, you can download it at www.Whitehouse.gov, the White House website, where Vice President Joe Biden and his wife Jill have also posted their returns.