It’s Tax Day, and if you’re miffed and looking for a Tea Party Tax Day event to join, perhaps you should first take a look at what the Obamas are paying in federal taxes. It might provide a bit of consolation.
According to the First Family’s 2010 tax return, the Obamas paid in excess of $450,000 in federal taxes—more than the President’s $400,000 salary. Much of the family’s income is from book sales, which slowed over the past year, causing their income to dip from $5.5 million in 2009 to $1.7 million last year. As the New York Times notes, the Obamas had a tax rate of just over 26 percent.
The Bidens earned about $379,000 in income and paid $87,000 in federal taxes last year—a tax rate of about 23 percent.
That’s more than the average federal income tax rate, which, according to the Associated Press is 9.3 percent. The AP also reported that the richest U.S. households—whose income is officially taxed at 35 percent—paid a tax rate of about 17 percent after factoring in lucrative tax breaks.
In a speech last week, President Obama made clear he would block the extension of the Bush tax cuts, which expire at the end of 2012. That would raise the tax rates on individuals making more than $200,000 and households making more than $250,000—and would clearly apply to both the Obamas and the Bidens.