In this Jan. 21, 2013, file photo, President Barack Obama and Michelle Obama wave to guests after their dance at the Inaugural Ball at the 57th Presidential Inauguration in Washington. (Photo: AP)
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The White House released the First Family's tax returns Friday.
President Obama and first lady Michelle Obama released their 2015 tax returns Friday afternoon. The documents show that the Obamas’ income fell to just over $436,000 in 2015, the lowest since the president took office.
The couple paid nearly $81,500 in federal income taxes, according to tax returns the White House released Friday, giving them an effective tax rate of 18.7 percent.
The Obamas reported donating $64,000 to charity — about 15 percent of their income. Their largest charitable donation, $9,000, went to the Fisher House Foundation, which assists wounded military members and their families. They also donated $5,000 to the Beau Biden Foundation, named after Vice President Joe Biden's late son, and another $5,000 to Sidwell Friends School.
They donated money to more than 30 different charities overall, with most contributions ranging from $1,000 to $2,000.
The First Family's gradual decline in income since 2012 is largely due to decreased sales of the president's books. In 2015, President Obama made an additional $56,069 after expenses from his books, adding to his salary of nearly $400,000.
Like many high-earning Americans, the Obamas had to pay an additional Medicare tax, the surtax created under the president's Affordable Care Act, which cost them an additional $1,766.
They also had to pay the Alternative Minimum Tax, which added $7,743 to their total tax expenses.
The Obaamas also paid $16,000 in state taxes in Illinois.
The Obamas will receive a sizeable federal tax refund this year because they overpaid what they owed the IRS by about $23,000.
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