Taxes, Tax Return | featured news

President Obama and first lady Michelle Obama paid more than $112,000 in taxes in 2012, an effective federal income tax rate of more than 18% for 2012, according to the White House. The Obamas and Vice President Biden and his wife released their tax returns Friday, three days before the April 15 tax filing deadline. The Obamas' adjusted gross income for the year was $608,611. The president earned more than $394,000 in salary, and the Obamas took in $258,000 in book royalties.

Gov. Christie and his wife paid $141,158 in federal income taxes for 2011 on a combined adjusted gross income of $567,772.

When it comes to their federal taxes in the last two years, Republican presidential candidate Mitt Romney has paid a lower federal tax rate than his running mate, Rep. Paul Ryan. Ryan, R-Wis., paid an effective federal tax rate of 15.9 percent in 2010 and 20 percent in 2011, according to tax returns released by the Romney campaign Friday evening.

Republican presidential candidate Mitt Romney said Thursday that he has paid a federal income tax rate of at least 13 percent in each of the last 10 years, offering his fullest explanation to date of his tax status. “I did go back and look at my taxes and over the past 10 years I never paid less than 13 percent. I think the most recent year is 13.6 or something like that. So I paid taxes every single year,” he told reporters Thursday.

Reassessment of their $12-million home, one of many reductions in San Diego County, has saved $109,000 over four years... Mitt and Ann Romney were easily able to afford a $12-million La Jolla home. But that didn't insulate them from the winds buffeting the real estate market in the months following their purchase in 2008. After paying cash for the Mediterranean-style house with 61 feet of beach frontage, they asked San Diego County for dramatic property tax relief.

Senate Majority Leader Harry Reid (D-Nev.) claimed Tuesday in an interview that Republican presidential candidate Mitt Romney refuses to release additional tax returns because he didn’t pay taxes for 10 years.

Gov. Rick Perry joined one other Republican governor and several GOP advisers in saying presumptive GOP presidential nominee Mitt Romney should release his tax returns because transparency works best. “I’m a big believer that no matter who you are or what office you’re running for, you should be as transparent as you can be with your tax returns and other aspects of your life,” Perry said.

Likely Republican presidential nominee Mitt Romney says he'll only release to the public one more tax return – and not until his accountants complete it. Romney tells CNN he's complied with the law by filing a financial disclosure statement.

Romney, by receiving much of his income in capital gains and dividends and giving millions of dollars to charity, is certainly able to keep his effective tax rate relatively low, especially compared to a wealthy person who earns much of his or her income in salary. But, even so, Romney still pays an effective tax rate that is higher than the tax rate paid by most Americans.

President Barack Obama called on likely Republican presidential nominee Mitt Romney to release more of his tax returns, in an interview with Univision released on Saturday.