As we near Tax Day on Sunday, President Barack Obama’s re-election campaign has re-released a collection of past years’ tax returns, which will undoubtedly pressure the likely Republican nominee, Mitt Romney, to do the same.
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According to the Associated Press, President Obama and his family paid more than $160,000 in federal taxes last year on earnings of $789,674.
The President’s 2011 federal income tax return shows that about half of the first family’s income is the President’s salary. The rest comes from sales of Obama’s books.
Obama’s effective tax rate is just above 20 percent – lower than many Americans who earn less. He has made tax-rate fairness a campaign issue, arguing that millionaires and other very wealthy people should not pay a smaller share of their incomes in taxes than people who earn much less.
White House press secretary Jay Carney said Friday:
“He believes that people like him should be paying an effective tax rate that is no lower than the rate paid by hard-working, middle-class Americans.”
The Obama’s tax return also shows charitable donations of more than $172,000.
Obama is donating after-tax proceeds from his children’s book to the Fisher House Foundation. The charity helps veterans and military families receiving medical treatment.
Romney has released his tax return for 2010 and an estimate for 2011. The Obama campaign is making an issue of the fact that he hasn’t released more and accused him of hiding information from the American people.
What are you waiting for, Mitt?
