White House releases Obama, Biden’s tax returns

Washington, April 14: The White House Friday released tax returns by President Barack Obama and Vice President Joe Biden which revealed that the first family paid $162,074 in taxes while having an adjusted gross income of $789,674 in 2011.

The figures, released in a post on the White House Blog by spokesman Jay Carney, showed about half of the first family’s income was the president’s salary; the other half was from sales proceeds of the his books, Xinhua reported.

Obama’s effective federal income tax rate is 20.5 percent, it revealed.

The post also showed that the Bidens reported $379,035 in income and over $100,000 in taxes.

Obama re-election campaign spokesman Ben LaBolt said earlier they “will challenge (presumed Republican nominee Mitt) Romney” to release his tax returns.

IANS