Barack Obama Tax Returns: US president’s earnings declined in 2012

According to his newly-released tax returns documents, President Barack Obama made $608,611 in 2012, down more than 20% from 2011.

The decline in Barack Obama’s pay comes as sales of his books slow.

Barack Obama’s presidential salary is $400,000.

The President and First Lady Michelle Obama paid an effective tax rate of 18.4% and donated $150,034 to 33 different charities.

Barack Obama’s tax rate will rise next year under a recent agreement with Congressional Republicans.

“Under the president’s own tax proposals, including limitations on the value of tax preferences for high-income households, he would pay more in taxes while ensuring we cut taxes for the middle class and those trying to get in it,” said White House press secretary Jay Carney in a statement accompanying the release of the president’s and vice-president’s tax returns.

President Barack Obama also paid $29,450 of state income tax in Illinois, the White House said.

About two-thirds of the Obamas’ charitable contributions were given to the Fisher House Foundation, an organization that provides assistance to military servicemen, veterans and their families.

Barack Obama’s earnings have declined significantly from 2009.

In 2009, Barack Obama’s first year in office, he earned $5.5 million, mostly from sales of his books Dreams from My Father and The Audacity of Hope.

Vice-President Joe Biden and his wife Jill reported $385,072 of income and paid $87,851 of federal tax.