President Paid 20% in Taxes, Calls for Higher Rates on Rich

“The president believes we must reform our tax system, which is why he has proposed policies like the Buffett Rule that would ask the wealthiest Americans to pay their fair share while protecting families making under $250,000 from seeing their taxes go up,” the White House said. “Under the President’s own tax proposals, including the expiration of the high-income tax cuts and limitations on the value of tax preferences for high-income households, he would pay more in taxes while ensuring we cut taxes for the middle class and those trying to get in it.”

The president and first lady also released their Illinois income tax return and reported paying $31,941 in state income tax.

The vice president and his wife, Jill, also released their 2011 federal income tax returns, as well as state income tax returns for both Delaware and Virginia. Together, they reported adjusted gross income of $379,035. The Bidens paid $87,900 in total federal tax for 2011, or roughly a 23% effective rate. They paid $13,843 in Delaware income tax and $3,614 in Virginia income tax. The Bidens contributed $5,540 to charity in 2011.