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.