Obamas’ income, taxes down in 2012

WASHINGTON – President Barack Obama’s income continued its recent creep downward in 2012, according to the tax returns released Friday by the White House.

The president and first lady reported a joint adjusted gross income of $608,611, down from almost $790,000 in 2011. The Obamas paid $112,214 in federal taxes in 2012, for an 18.4 percent effective income tax rate.

In recent years, the president’s income has slipped as sales of his books appear to have tapered off. On a form noting his profession as “author,” the president reported $273,000 in income from book sales, a 40 percent drop since last year. His government salary was $394,840.

As he has in the past, Obama paid a relatively low effective tax rate for his income bracket in part because of his considerable donations to charity, which are deductible. The Obamas reported donating $150,034 – about 24.6 percent of their adjusted gross income – to various charities.

The largest recipient was the Fisher House Foundation, a veterans scholarship fund.