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Obama paid just 18% tax and got $22k refund as IRS deadline looms

The dreaded day is nearly upon millions of Americans to file their taxes. On the eve of the April 18 deadline, the taxpayer-in-chief’s return is under scrutiny after it was released Friday.

US President Barack Obama and his spouse Michelle had an adjusted gross income of $436,065, nearly 9 percent less than the year before, which could mean they are no longer part of "The One Percent".

The bar in 2013 was $428,713, according to the US census, but the 2015 level won’t be known for a number of months.

The White House published the first couple’s tax return as an inspiration to those who prefer to wait until the 11th hour, or pay the penalty for being late.

Their “Form 1040” shows they paid $81,472 in federal taxes for the year, entitling them to a refund of $22,859 and an effective tax rate of just 18.8 percent. This is down f-rom 19.6 percent in 2014.

While the Obama administration has pushed for a higher tax rate on the super rich, it’s still less than half the 94 percent rate during 1944-45.

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Author: RT

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