President Releases 2011 Tax Returns To the Public:
The President and Michelle Obama released their 2011 tax returns to the public. Of course tax planning and estate planning go hand in hand.
President and Mrs. Obama received income from his salary and book royalties. They deducted $49,000 from book royalties for a simplified employee pension contribution, leaving them with an adjusted gross income of $789,674.
The President and Mrs. Obama itemized deductions and their charitable gifts totaled $172,130. This is 21.8% of their adjusted gross income.
Their largest gift was $117,130 from book royalties to the Fisher House Foundation. This charity assists children of soldiers killed or wounded in Iraq or Afghanistan. Others among the 40 listed charities included the Red Cross, the Boys and Girls Club, Habitat for Humanity, Sidwell Friends School and the United Negro College Fund among others.
P.S. Vice President and Mrs. Biden also released their tax return. They received both salary and a pension. Their adjusted gross income was $379,035. They also itemized deductions and reported charitable gifts of $5,540 or 1.5% of their adjusted gross income.