The White House just posted word that President Obama and first lady Michelle Obama filed 2011 tax returns showing an "adjusted gross income of $789,674" and that they paid "$162,074 in total [federal] tax." That works out to about 20.5 percent of the AGI.
About half of the first family's income was from the president's salary. The rest came from royalties generated by his books. According to the White House:
Some other news: Tax day is rapidly approaching, and it turns out that day can hazardous to your heath.
As NPR's Wendy Kaufman reports, researchers found a rise in fatal auto accidents on the day taxes are due.
WENDY KAUFMAN, BYLINE: Back in 1789, Ben Franklin wrote: Nothing can be said to be certain except death and taxes. He couldn't possibly have foreseen the linkage reported in this week's Journal of the American Medical Association: 6 percent more people than usual are killed on the roads on tax day.
For President Obama, the Buffett Rule is the political equivalent of a Swiss army knife, a tool he clearly intends to use any number of ways as he fights to be re-elected and deny the White House to Republican Mitt Romney.
From the Democrats' perspective, the proposed rule, which would require that superwealthy taxpayers with at least $1 million in taxable income after deductions, pay taxes at a minimum 30 percent rate, has so much going for it, they can hardly stop talking about it.