WASHINGTON – President Barack Obama, Vice President Joe Biden and their wives released their 2015 federal income tax reforms on Friday, with neither showing any municipal bond holdings or tax-exempt interest.
The joint tax return of the president and first lady showed an adjusted gross income of $436,065. They paid $81,472 in federal taxes, according to a release and the tax documents issued by the White House.
The president’s effective federal income tax rate is 18.7% and he was subject to the limitations in tax preferences for high income earners.
The Obamas donated $64,066 or 14.7% of their adjusted gross income to 34 charities. They paid $16,017 in Illinois taxes.
The vice president and Dr. Jill Biden also filed joint returns reporting $392,233 in adjusted gross income. The Bidens paid $91,546 in total federal taxes, amounting to an effective tax rate of 23.3%.
They also paid $13,729 in Delaware income tax. Dr. Biden paid $3,882 in Virginia income tax.
The Bidens contributed $6,620 to charity in 2015.
