Paul L. Caron
Dean




Friday, April 11, 2014

Obama and Biden Release Their 2013 Tax Returns

Obama 2013 Tax Return

President Obama and Vice-President Biden today released their 2013 tax returns. Here are charts putting the 2013 returns in context with their earlier returns:

Obama:

Year

AGI

Tax

Charitable Gifts

Gifts/AGI

2013

$481,098

$98,169

$59,251

12.3%

2012

$608,611

$112,214

$150,034

24.7%

2011

$789,674

$162,074

$172,130

21.8%

2010

$1,728,096

$453,770

$245,075

14.2%

2009

$5,505,409

$1,792,414

$329,100

6.0%

2008

$2,656,902

$855,323

$172,050

6.5%

2007

$4,139,965

$1,396,772

$240,370

5.8%

2006

$983,826

$277,481

$60,307

6.1%

2005

$1,655,106

$545,614

$77,315

4.7%

2004

$207,647

$40,426

$2,500

1.2%

2003

$238,327

$51,856

$3,400

1.4%

2002

$259,394

$68,958

$1,050

0.4%

2001

$272,759

$86,072

$1,470

0.5%

2000

$240,505

$63,732

$2,350

1.0%

Biden:

Year

AGI

Tax

Charitable Gifts

Gifts/AGI

2013

$407,009

$96,378

$20,523

5.00%

2012

$385,072

$87,851

$7,190

1.90%

2011

$379,035

$87,900

$5,540

1.46%

2010

$379,178

$86,626

$5,350

1.41%

2009

$333,182

$71,147

$4,820

1.45%

2008

$269,256

$47,464

$1,885

0.70%

2007

$319,853

$66,273

$995

0.31%

2006

$248,859

$42,832

$380

0.15%

2005

$321,379

$70,473

$380

0.12%

2004

$234,271

$41,845

$380

0.16%

2003

$231,375

$38,393

$260

0.11%

2002

$227,811

$41,756

$260

0.11%

2001

$220,712

$40,728

$360

0.16%

2000

$219,953

$42,313

$360

0.16%

1999

$210,797

$40,309

$120

0.06%

1998

$215,432

$35,131

$195

0.09%

https://taxprof.typepad.com/taxprof_blog/2014/04/obama-and-biden.html

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Comments

Curious as to why they file a schedule A instead of taking the standard deduction if they think the rich should pay more taxes. That is the cheap and easy way for them to pay more taxes.

Posted by: Cheyanna Jaffke | Apr 14, 2014 8:33:55 AM

Since the Obamas list 1600 Penn Avenue as their "home" address, do they also pay D.C. income taxes, or are they paying Illinois state income taxes?

Posted by: Andy Patterson | Apr 14, 2014 6:14:33 AM

@Texcap Palin is an even more egregious example

Posted by: michael livingston | Apr 13, 2014 3:50:13 AM

I agree Michael. Just running or being considered for a position such as a VP greatly increases your income. I'd be curious to see the rise in the Palin's income and she was just a VP candidiate. Like Obama, who would have bought her books or watched her shows without the exposure.

Posted by: Texcap | Apr 12, 2014 5:47:31 PM

Well, Biden simply confirms what I saw over 10 years of tax preparation. Rule of thumb, the more people make the less charitable they are.

Posted by: Becbeq | Apr 12, 2014 5:35:14 PM

Nothing personal against Obama, but this is a good example of how people profit financially from public service, without any improper activity. His income jumps 7-8 times from 2004 to 2005, presumably because of his Convention Speech and first national notice, which caused people to buy his book(s) and otherwise notice him more extensively. The Clintons, and of course many Republicans, have done more or less the same thing. It's not illegal--it's not even necessarily improper--but it make all the talk of social justice, not to say complaints about the "one percent" (which most of these people belong to) ring somewhat hollow

Posted by: michael livingston | Apr 12, 2014 2:47:25 AM

I'm mostly surprised he still pays mortgage interest. I would think that the money he made off his books would be enough that he wouldn't have a mortgage anymore... Maybe the meals in the White House aren't cheap, even for the President.

Posted by: Blake Treu | Apr 11, 2014 10:13:03 PM

Perhaps cynical, but wonder if, in light of the fact he knows public disclosure is going to occur, Obama's charitable contributions swelled for his reelection? Also, wonder whether Biden's contributions reflect his attempt to try and be a 2016 contender, especially after criticism he was not very charitable.

Posted by: TS | Apr 11, 2014 2:06:32 PM