Obama releases 2011 tax returns as campaign attacks Romney

CBS

Updated at 11:59 a.m. ET

The White House Friday morning released President Obama's and Vice President Joe Biden's 2011 tax returns, giving Mr. Obama's re-election campaign yet another opportunity to slam Republican rival Mitt Romney for only publicly releasing his tax returns as far back as 2010.

Mr. Obama and First Lady Obama filed their income tax returns jointly and reported adjusted gross income of $789,674. They paid $162,074 in taxes, at an effective rate of 20.5 percent. The first family also reported paying $31,941 in state income tax to Illinois.

The latest information comes amid Mr. Obama's campaign to enact the "Buffett rule" to ensure that the wealthiest Americans pay an overall tax rate comparable to middle class tax rates. The White House pointed out that under the tax policies endorsed by the president, like the expiration of the Bush-era tax cuts, Mr. Obama would pay more in taxes.

It's worth noting, however, that Mr. Obama wouldn't be hit by the version of Buffett rule, since he made less than $1 million last year. The current version of the legislation, which the Senate will take up next week, would mandate that income above $2 million would be taxed at least at a 30 percent rate, with a graduated boost in the minimum marginal rates for income between $1 million and $2 million.

Obama's tax return (PDF)
Biden's tax return (PDF)

While the White House focused squarely on Mr. Obama's and Biden's tax returns, the president's re-election campaign went into attack mode.

"The President and the Vice President released their tax returns today so that Americans can review their personal finances, understand how they earn their income and ensure there are no conflicts with the interests of the nation," Obama campaign manager Jim Messina said in a statement. "But on the eve of April 17th, Governor Romney has yet to provide tax returns from the period in which he made hundreds of millions as a corporate buyout specialist, or as governor of Massachusetts, the experience he says qualifies him to be president."

Romney has released his 2010 tax returns and estimates for 2011, showing he paid an effective tax rate of 15.4 percent last year and an effective rate of 13.9 percent in 2010. Still, the Obama campaign is questioning why Romney won't release the returns from years past, during his tenure as Massachusetts governor or when he served as head of Bain Capital, even after giving the 2008 McCain campaign 23 years of returns. Mr. Obama has released his returns as far back as 2000.

On top of that, the presumptive GOP presidential nominee has been dogged by questions of transparency after a report showed he took advantage of legal loopholes to avoid disclosing details of his financial holdings.

The Romney campaign responded that the GOP candidate will release his full 2011 return when it is filed but will not be immediately releasing anymore more tax forms.

"It's no surprise with the worst job creation record in modern history that President Obama would try to distract Americans from the real issues with a series of sideshows," Romney campaign spokesperson Andrea Saul said in response to the Obama team's attacks.

Mr. Obama's returns show that this year, about half of his family's income came from Mr. Obama's salary while the other half came from the sales proceeds of his books. The Obamas also reported donating $172,130, about 22 percent of their adjusted gross income, to 39 different charities. The largest contribution the Obamas reported was $117,130 to the Fisher House Foundation, a scholarship fund for children of fallen and disabled soldiers. Mr. Obama is donating all after-tax proceeds from the children's book he wrote, "Of Thee I Sing," to the foundation.

Vice President Biden and Jill Biden also filed joint returns, reporting an adjusted gross income of $379,035. The Bidens paid $87,900 in total federal tax for 2011, for an effective rate of 23 percent.

The Bidens paid $13,843 in Delaware income tax and $3,614 in Virginia income tax, and they contributed $5,540 to charity.

UPDATE, 5:25 p.m. Eastern Time: The Romney campaign has announced that Romney has filed an extension.

"Sometime in the next six months, and prior to the election, Gov. Romney will file and release the 2011 return when there is sufficient information to provide an accurate return," said spokeswoman Andrea Saul.

[88tomo]

Fact: Obama's vision for the country has failed. With Obama we sure got CHANGE. "CHANGE for the worst". What a joke!

Mitt Romney is Awsome!

[comradeStalinwillreturn]

Thats great perhaps you can remind his royal majesty that we need to see his "Birth Certificate" and his "Tax Return" the first being that we are wondering why he doesnt mention his duel citizenship that much and the latter being we need to know if the Cayman Islands can withstand the deposits of more money we wouldnt want it to become the next Atlantis ...

[kencoction]

The way I see it, it is going to take someone who has sucessfully managed millions of dollars to successfully manage trillions of dollars. I should mention that Romney's approval is increasing by the day in my part of the country ... UNLESS of course they're strictly partison and feel their party is more important than their country.

[comradeStalinwillreturn]

Mitt Romney didnt manage millions he destroyed Billions in companies wrecked thousands of peoples lives and the Remainder the ones he saved work at Pizza Hut and Staples ...jobs that a nother poster said if your stupid well then work there ...

I for one can't wait for Bain Capital to suceed where George W Bush Failed ... getting their greedy little paws on Medicaid and Social Security ...

The Cayman Islands will sink into the sea under the weight of so much liberated money ...

[kencoction]

Well, it's no wonder this man can't put together a trillion dollar budget and eats our lunch in everything he does ... IF it's even an accurate account. Quite frankly, it looks like a good piece of hide'n seek to me so that the tired debate on wealthy Republicans can continue. By the way, isn't this supposed to be the "billion dollar President" or did that also disappear in the woodwork somewhere? I don't know, I've smelled a rat ever since this man took the oath of office.

[mjvwsr]

The VP donates a staggering 1.5% to charity. Typical, only generous with other peoples money.

[retm-w]

How much do you donate to charity?

[truthskr17]

Why did this reporter not mention that President Obama paid a lower tax rate than his secretary? Another biased, corrupt Obama supporting reporter perhaps??

[retm-w]

Obama's secratary didn't have as many tax loopholes, something the republicans don't want to get rid of.

[PulSamsara]

Well - Since he announced it to the public - over and over and over - and speaks of in inequities - everyone but you (Fox reader) knows it.

Come on Mitt ! Release your returns.

What are you trying to hide from the American People ?

[Maerzie]

Taxes have always been higher when our country was at war, but, under the recent wars, we have been living off the gravy train. MUCH of the debt blamed on Obama is the result of Bush's UNBUDGETED wars AND tax breaks for the insanely wealthy.
########################
From and article on the internet January 29, 2011, entitled "Too Much":

"America's rich would end the war years facing a 94 percent tax rate on income over $200,000.

America's rich would see, after World War II, only limited relief from that 94 percent top rate. In 1948, over President Harry Truman's veto, the GOP-controlled Congress did drop the top tax rate down to 82 percent. But the top rate would jump back over 90 percent during the Korean War, and the top rate would sit fixed — at 91 percent — straight through the 1950s.

Not until 1964 did that top rate start dipping, down to 70 percent. In 1981, the newly elected President Ronald Reagan would make gutting that 70 percent rate his first major White House priority. By 1986, after two Reagan tax cuts, the top rate on the top income bracket had shrunk to a mere 28 percent."
#######################

Can we even IMAGINE what these wealthy crybabies would be saying, if THEY had to pay 94% income taxes NOWADAYS?? Remember, a huge portion of the debt was caused BY the party of the WEALTHY (and the NON-wealthy, who insist on voting AGAINST themselves!)

[emolson428]

Where did you get these figures..you don't give any resources or references so that they can be verified. Usually that means that they are propaganda or false. This info is public on numerous govt websites and catalogues. Your figures are way off. Also, I assume you are referring to the Buffet Law. This applies to 4000 people, look on the govt sites and tax sites, and from the 4000, it only applies to those that still are employees and get an income. Most rich are not employees any longer and so do not get an income and would not then be required to pay 30% "income" tax. The tax reporting does indicate that they pay the majority of the taxes in this country though, clearly. Look it up. They also pay more taxes on their investments, gains (since they have them), employee taxes (which are doubled), and sales tax. I cannot open warehouses or hire employees to fill them, invest in research, or hold charity balls to raise money for charities. But they do. In our country, most of our rich, do not live like kings. Get the book, American Millionaire. It shows that most of them drive old paid for cars and own nice homes..but the reason they have money is that they don't squander it. The English media makes fun of us, look it up, because they read comments like yours and say that we are acting like they do towards their rich. but the difference is that our rich started out usually poor or middle income, working really hard, and through innovation and against all odds, mastered our economy, and became successful. While most of their rich have always been rich, from old money from the 16 and 17th centuries and so deserve the critism. There is a difference. Even if all the 4000 people, were employes, which they are not, they would give the govt, according to obama 150,000,000. Pit this against 1trillion a year in spending and you don't have any reduction in the deficit and no new jobs.Instead these rich, will not invest or hire new employees.so you have a job loss, more than likely. Why do you want other people's money? I don't. I can earn my own. It is a good thing when someone works hard, becomes smarter, sacrifices and achieves status and success.That is the American dream and no other country has that. Where you can come from nothing and work your way up and become anything you want to become. That is being taken away from your children and grandchildren, which you will answer for, while you make comments like the above. I don't care about tax returns or the rich. i care about our country and freedoms. I care about our constitution and our future. As Obama has said, look it up, you never tax anyone during a recession, when he quoted all the economic experts and financial experts who has been defying all along, trying to ruin this country. Gas prices are more than doubled, unemployment is over 9%, 19%% for 18-24 ages, only 50% of college grads can get a job compared to 95% during Bush and other presidents. Taking Bush's deficits out of the numbers, which is easy to do, Obama gets to claim, through his programs and borrowing, and Solyndral decisions (17 to date of billions lost), over 1 trillion and rising of increased spending. He condemned Bush, saying he was unpatriotic for increasing the deficit as he did in 8 years, obama has tripled that in only three years. The figures don't lie. Women, since 2009 have lost 55 million jobs and careers while men have only lost 5700 along the same categories. Obama had a majority in both house and senate until a few month's ago, november and passed all of his programs through.which have all failed. We cannot keep going on like this. You do not spend more money when you run out of money.This goes against just plain common sense. Taxing anyone during times such as these, everyone agrees who knows economics and advises obama and whom obama even quoted, is economic growth suicide. He has increased regs so that it costs so much more just to own a car adn obamacare, if you read all 2000 pages as I have, has little to do with healthcare butis a giant tax across all lines. That is why the IRS officiates over it. The IRS only can officiate over taxes. Read the bill. You've been fooled. Unit together and quit buying this class warfare, you are too smart for this. Come on. Lets get back on track.

[cattiej]

For those of you who don't know what Illinois folks pay in Illinois Income Tax.....our present Governor Quinn signed a bill that increases the Illinois State Income Tax to 67%...yes, that's right. Sixty-Seven Percent......I don't know if this is the highest in the nation but it explains why a lot of people in Illinois have their homes for sale and want to move out of Illinois...Our state is BROKE. The formoer Governors who are now serving time in prison, raped the state of Illinois with their pet projects. These Governors put the money state of Illinois employee's paid into their various retirement pension plans by putting their employees money in the General Fund instead of the retirement funds...like the State University Retirement System and the State Teachers Retirement System. Obama served as our State Senator for one term after running against Alan Keys (yes, the guy who is always running for President).Keyes moved to Illinois just to run for the Senate and Obama won the election....wonder where Alan Keyes is today? The State capitol is in Springfield but it might as well be in Chicago because Chicago runs the state...except for East St. Louis and the mob runs it...Obama doesn't care if ESL is the murder capital of the United States....he will probably move back to Hawaii when he is done playing President anyway.

[honestpatriot]

You are confused. The rate increased BY 67% in 2011 -- from 3% to 5%. Do you really think state government is taking 2/3 of your entire earnings?

[cchardwick]

Why are all the presidential candidates and presidents millionaires? For once I'd like to see some guy making $50K become president, someone who knows what it's like to eat ramens and potatoes and rice to just survive.

[stevex47]

robme hates America so much, he ships his money offshore. America is not good enough for robme money.

[emolson428]

What? Like it's a new idea to use other banks, invest and diversify into other countries? You've watched too many spy movies. This is normal course of financial advice given by financial advisors helping people who have worked hard, mastered our economy and become successful. That doesn't make you hate America. America has always been the one place you could work hard and become anything you wanted, until now under obama. We celebrated others success knowing they were the ones investing in research, opening warehouses, hiring us, and running charities. They were the ones to talk to so you could gleen from their experience and learning and become successful too. Since when in America is that a bad thing? Our rich didn't get it from old money as other countries, 17 century. Our rich earned it, worked really hard, kept it-which is really hard. Romney help save STaples and Sports Authority from obliteration and many more companies. He knows how to fix broken companies and it is not through spending ourselves to death. That just goes against common sense. It is easy to research all the candidates past and early years, Romney never has hated America and has donated so much time to causes and community that you are horrible for saying something so false. Romney has invested in America repeatedly. Officiating over the Olympics, which was a mess, until they brought him in and he saved it, which was really hard. His past speaks for itself and you can easily find it out..so why lie?

[esq777]

So Willard "mitt" Romney has filed for an extension? Nice. This fool has an army of lawyers and accountants but he can't file his taxes on time? Incredible. I guess they need more time to figure out how to hide as much loot as possible in those offshore tax shelters. "Believe in America" What a joke.

[fitstshu]

bmallen HE is betting on the swiss franc being strong, one of those socialist countries the right wing hates.