President Obama earned $789,674 in 2011, the White House announced on Friday. However, with this income, he does not even qualify for the so-called Buffett Rule that he has promoted relentlessly and the Senate will take up on Monday.
The Buffett Rule calls for those making over $1 million a year to pay a minimum tax rate, named after billionaire Warren Buffett. The president did earn over $1 million in previous years–$1.7 million in 2010 and $5.5 million in 2009.
The president paid $162,074 in taxes with an effective federal income tax rate of 20.5 percent, according to the returns.
The release, four days before Tuesday’s tax deadline, capped a week in which the president repeatedly spoke about the obligation of the wealthy to pay their fair share of taxes. It also provided Obama’s campaign the opportunity to once again jab Republican Mitt Romney for his refusal to release more information on his tax-paying history.
The Obamas adjusted gross income was their lowest income since 2004 when he wrote his best-selling memoir, “Dreams From My Father: A Story of Race and Inheritance.” This was the first year since 2006 that the Obama family income dipped below $1 million. In 2010, his adjusted gross income was $1.7 million; in 2009, it was $5.5 million.
The White House also released the return filed by Vice President Joe Biden and his wife Jill. They reported adjusted gross income of $379,035, paying $87,900 in federal tax for the year in addition to state taxes in Delaware and Virginia