Obama Pays $112k in 2012 Taxes on $609k of Income

WASHINGTON (AP) — President Barack Obama's 2012 tax returns show he and first lady Michelle Obama paid $112,214 in taxes last year on $608,611 in adjusted gross income. They paid an effective rate of 18.4 percent for their federal income taxes.

The adjusted gross income figure is down from 2011, when the Obamas reported almost $790,000 in income. They made substantially more in previous years, with much of it coming from book sales.

The Obamas reported donating $150,034 to 33 charities, just under one-quarter of their adjusted gross income. They donated $103,871 to Fisher House Foundation, which provides services to military members, veterans and their families.

The president and the first lady also paid $29,450 in state income taxes to Illinois.