Obama pays $162,074 in taxes on $789,674 income
POSTED: Friday, April 13, 2012 - 9:00pm
UPDATED: Friday, April 13, 2012 - 9:14pm
WASHINGTON — Pressuring Mitt Romney on taxes, President Barack Obama's campaign re-released more than a decade of tax records Friday, a political maneuver designed to pressure the Republican presidential candidate to divulge tax records beyond two years and to stop "hiding" details of his huge personal wealth.
Obama's own tax return for last year showed that he and his wife paid $162,074 in federal taxes on $789,674 in adjusted gross income, an effective tax rate of 20.5 percent. Their income plunged from $1.7 million in 2010, with declining sales of the president's books. In 2009, the Obamas reported income of $5.5 million, fueled by the best-selling books.
Read more here at The Houston Chronicle.