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Obamas' federal tax rate rose as their income fell in 2013
Obamas' federal tax rate rose as their income fell in 2013

WASHINGTON-- President Obama and First Lady Michelle Obama watched their income fall and their federal tax rate go up in 2013, according to IRS returns released Friday by the White House. In a joint filing, the couple reported an adjusted gross income of $481,098, down $127,500 from 2012. The Obamas have seen a steady drop in income during their White House years, largely a result of slowing book sales for the couple. Both have published best-sellers. The Obamas paid $98,169 in federal taxes, down from $112,214 in 2012. But their effective tax rose from 18.4% in 2012 to 20.4 % last year. In a blog post releasing the 42-page filing, the White House suggested the president was happy to...

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