U.S. President Barack Obama’s tax report reads a drop in his income to $436,000, which has been the lowest since taking office. The President and first lady are also said to pay $81,500 in taxes, joined with several tax-deductible donations to charity.
The Obama’s reached their highest level of income, $8.1 million, on 2009 thanks to the President’s best-selling books “Dreams From My Father” and “Audacity of Hope,” but the charitable contributions this last year achieved a sum that exceeded what the sale of books brought in. It is common for presidents and presidential candidates of the U.S. to release their tax return as part of a tradition.
The Obamas were able to lower their tax bill through itemized deductions. They ended up with a claim of over $145,000 and subsequently overpaid their taxes. The corresponding refund is of $23,000.
Donations to charity amass $64,100 including a $9,100 gift to the Fisher House Foundation, a charity that works towards providing accommodation to military families in times of distress. There are also donations towards the Beau Biden Foundation, a charity that honors the memory of Vice President Joe Biden’s son, who died of brain cancer on 2015. They also performed donations to several others institutions, including the school that Malia and Sasha Obama attend to.
The reason why tax statements have been on such a hype this year is because of the presidential election. It is known that Donald Trump has refused to provide any sort of information regarding the matter, while Bernie Sanders has placed a heavy effort into forcing millionaires and billionaires to pay more, placing a clear emphasis on developing the middle class. Hillary Clinton proceeded to publish 30 years of her tax return statements and Sanders is planning to do so eventually.
President Obama stated last month that, after leaving the office in January 2017, he would remain in the Washington area as Sasha finishes high school and Malia goes to college. On the tax statement, Michelle Obama showed no income and her occupation was noted as “First Lady.” The tax statements released by the White House indicate that the President’s family is preparing for an array of new costs, as they also paid for their home in Illinois and are expecting to pay Malia’s first year of college, as she is considering Harvard and Stanford as possible choices.
Source: Fox News