Roll Call: Latest News on Capitol Hill, Congress, Politics and Elections
February 6, 2016

15 Fun Facts About the Obamas’ and Bidens’ Taxes

(AP Photo/Pablo Martinez Monsivais)

(Pablo Martinez Monsivais/Associated Press)

President Barack Obama and Vice President Joseph R. Biden Jr. released their tax returns Friday — three days ahead of the April 15 Tax Day deadline.

Both men filed jointly (although Dr. Jill Biden also filed a separate non-resident tax return in Virginia). The Obamas reported adjusted gross income of $608,611 and paid $112,214 in total tax. The Bidens reported AGI of $385,072 and paid $87,851 in total federal tax for last year. They paid $13,531 in Delaware income tax and $3,593 in Virginia income tax.

Our ace White House reporter Steven T. Dennis has been tweeting out some noteworthy nuggets based on his perusal of the filings — the Obamas’ filing was 38 pages and the Bidens’ was 31 pages. You can download the returns over at the official White House site.

Here are Steve’s fun facts:

  • Obama’s net tax rate on his $608K AGI: 21.2% Biden’s net tax rate on his $385K AGI: 22.8%
  • AMT (Alternative Minimum Tax) hit the Obamas with a $21,221 bill
  • AMT also hit the Bidens — $5,987
  • Barack & Michelle Obama gave $150K to charity. Joe & Jill Biden gave $7,190 in cash & goods
  • Obama’s biggest charitable contribution by far — $103K — went to the Fisher House Foundation for military families ‪
There is no mention of a Trans Am anywhere in Biden’s tax return.

  • Worth noting that POTUS is much wealthier than VPOTUS, who at last check still had a personal loan with a 9.99% interest rate.
  • Fun fact: Biden’s employer is listed as “United States Senate” on his tax return. ‪#presidentofthesenate‬

Obama reported $45K in mortgage interest. Would have been less if he’d only take his own advice & refinance.
  • Fun fact: The Biden-negotiated fiscal cliff deal raised tax rates on couples earning $450K+. Obama wanted $250K+. The Bidens made $385K.
  • Bidens also gave $5,190 to charity last year, incl. $3,400 to Catholic and Presbyterian churches. <2% of his income.

Biden donations to charity were valued at $2K.
  • Biden donations to Goodwill: Boots, kitchenware, pottery, bikes, toys, glassware, clothing. Ministry of Caring got furniture & exercise equipment
  • Bidens reported $17,944 in rental income from a cottage.
  • Joe Biden’s tax return shows he received $29,761 in Social Security benefits last year.
  • Jim Swift

    Why is Obama getting paid by DFAS?

    • IowaBeauty

      Who do you think should be paying the Commander in Chief?

      • Jim Swift

        Treasury? It just seemed strange that it was DFAS.

  • Kristi Segovia

    Why is Joe Biden collecting Social Security? Isn’t that some BS!

    • OhioHistorian

      How did he qualify, particularly at such a high rate? He has spent the last 40 years in the Senate and US government jobs which are separate pensions!

      • Notruthinpolitics

        members of congress pay social security taxes and have for many years. he is 70 collects the full amount with no penalties for outside income.

  • John Walters

    Why was not Joe biden;s Social Security taxed at 100% since he made so much money?

    • tomwest

      How do you know it wasn’t? If something’s taxed at 100% you have still have to declare it!

  • sendtheclunkerbacktochicago

    How does Obama get away with declaring Mortgage interest on a home he doesn’t own? Read all the comments attached to this blog.

  • rosech

    Lots of BS in our legislators at every level both fed and state and city, etc. Since both are millionaires, looks like they took advantage of every loophole or deduction possible to pay so little. Hell, many of us with not very high income have paid the same or more. Hypocrites both, and I bet even Biden like Obama has funds offshore but complain about Romney and others. Romney and others do good, these two are cheapskates and do no good.

    • Rudesal

      Obama’s money came in recent years only, from the sales of his books. Biden is not and never has been a millionaire.

  • Pam Wolfe

    How is it that Joe Biden is getting nearly 30K in Social Security benefits? He’s been in Congress or the Senate since the early 70’s and they don’t pay into Social Security at all. His kids are all grown, so there shouldn’t be death benefits from the loss of his first wife, tho’ they wouldn’t be 30K…. I really would like to know!!

    • Rudesal

      Members of Congress, which includes the House of Representatives and the Senate, DO pay into Social Security.

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