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Saturday, April 12, 2014

Obamas paid $98K in taxes in 2013, White House says -- By Ben Wolfgang, The Washington Times

President Barack Obama and first lady Michelle Obama disembark from Air Force One as they arrive Andrews Air Force Base, Md., Thursday, April 10,  2014, from a trip in Texas.  (AP Photo/Manuel Balce Ceneta)President Obama and first lady Michelle Obama paid $98,169 in federal taxes on an income of $481,098 in 2013, the White House said Friday.

The president's tax returns show the first family paid 20.4 percent of their total income in federal taxes while also paying $23,328 to the state of Illinois.

The Obamas donated 12.3 percent of their gross income, or $59,251, to charity in 2013, including a $8,751 gift to the Fisher House Foundation.

The administration also pointed out that, because of a deal struck with Congress, the president paid more in 2013 taxes than he otherwise would have.

"The president pushed for and signed into law legislation that makes the system more fair and helps the middle class by extending tax cuts to middle class and working families and asks the wealthiest Americans to pay their fair share," White House press secretary Jay Carney said. "In 2013, as a result of his policies, the president was subject to limitations in tax preferences, as well as additional Medicare and investment income taxes, for high income earners."

But the president's 2013 income is just a fraction of his total net worth, estimated by the Associated Press last year to be between $1.8 million and $6.8 million.

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