The first family earned $477,383 in 2014 and paid $93,362 in taxes for a total effective tax rate of 19.6 percent, according to tax returns released Friday by the White House.
President Obama and First Lady Michelle Obama also donated $70,712 to 33 different charities, or about 15 percent of their income.
The Obamas were hit by several tax increases signed into law by President Obama, White House press secretary Josh Earnest noted in a post announcing the release of the returns. Those tax hikes include the increase of the top marginal rates on income earners included in the fiscal cliff deal, as well as added Medicare and investment taxes contained in Obamacare.
“While we’ve made progress in ensuring that the wealthiest Americans pay their fair share by raising their tax rate to the level it was under President Clinton, there is more work to do,” Earnest wrote. “We need to close special tax loopholes for millionaires and billionaires, and invest in the middle class.”
The Obamas also paid $22,640 in taxes to the state of Illinois.
The biggest beneficiary of the Obama’s donations was the Fisher House Foundation, a charity that provides housing for the families of injured veterans while they receive treatment. The Obama’s gave the foundation just over $22,000.
They also contributed $5,000 to Sidwell Friends School, the Washington, D.C. private school where the president’s daughters are students.
