Obamas list assets between $1.8M and $7M

Barack Obama, Michelle Obama
President Barack Obama and first lady Michelle Obama walk to the White House after arriving on the South Lawn, on Saturday, April 12, 2014, in Washington. Obama traveled to New York to deliver remarks at a National Action Network event, and attended the play “A Raisin in the Sun” at the Barrymore Theatre. (AP Photo/ Evan Vucci)

WASHINGTON (AP) — President Barack Obama and first lady Michelle Obama reported assets worth between $1.8 million and $7 million for last year, little changed from their previous year’s holdings, according to financial disclosure forms released Thursday.
The forms, required by law, permit public officials to list their assets in broad ranges. As a result, a precise net worth is difficult to ascertain.
The forms show the largest jointly owned assets by the president and the first lady were Treasury notes worth between $1 million and $5 million. While the value of their assets is certainly higher than that of most Americans, their mix reflects the financial demands of a 50-something couple with two daughters. Their assets include Vanguard retirement funds and college savings plans.
Royalties in 2013 from Obama’s books, “Dreams From My Father,” ”The Audacity of Hope” and “Of Thee I Sing,” totaled between $70,000 and $165,000. In 2011, they totaled between $250,000 and $2.1 million.
The Obamas also have a 30-year mortgage on their Chicago home worth between $500,000 and $1 million with an interest rate of 5.625 percent.
Vice President Joe Biden reported 2013 assets of between $276,000 and $940,000, including a rental property owned jointly with his wife, Jill, in Wilmington, Delaware.
Unlike the Obamas, Biden has taken advantage of lower mortgage rates and refinanced his mortgage last year. He listed a 30-year mortgage on his principal residence and his rental property worth between $500,000 and $1 million with an interest rate of 3.375 percent.
Biden also reported making $25,000 donations to each of two Pennsylvania anti-domestic violence groups. The $50,000 came from an award Biden received from the Pennsylvania Society, which honored Biden last year with its gold medal for distinguished achievement,
Last month, the Obamas released their 2013 tax returns and reported paying $98,169 in taxes on $481,098 in adjusted income.
The Bidens reported paying $96,378 in federal taxes last year on adjusted gross income of $407,009.

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