President Obama earns money from his day job, but also earns money from his book sales. His tax returns show a very impressive year, especially when his earnings are measured against the incomes of most middle class Americans who struggle each month to pay the bills.
President Barack Obama’s income fell to just over $436,000 in 2015, the lowest of his presidency, and he and first lady Michelle Obama paid nearly $81,500 in taxes, according to tax returns the White House released on Friday.
The president’s more modest adjusted gross income reflected book sales that have continued to fall off in the years since he last published in 2006. The first family paid an effective tax rate of 18.7 percent.
The Obamas also sold or redeemed roughly $1 million in Treasury notes, freeing up cash they could use for costs they’ll face as they return to private life early next year. Obama has said his family plans to stay in Washington for a few years until youngest daughter Sasha finishes high school, but their home is in Chicago. The president’s oldest daughter, Malia, will start college in the fall.
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