April 15, 2009 02:04 PM | Permalink |
How Much More Would They Have Paid If the President’s Proposals Were in Effect?
Today the White House released Barack and Michelle Obama’s federal income tax return, revealing that they made over $2.7 million and paid almost $787,000 in federal income taxes in tax year 2008. The table below explains their income tax calculation and also illustrates what they would have paid if the President’s tax proposals were in effect in 2008. (President Obama’s tax proposals affecting high-income families would not take effect until 2011.)