President And V.P. Pay Their Taxes

Since yesterday was the deadline for filing 2010 income taxes for Americans, it is only fitting that the president and vice-president release their own tax information to the public. While it is never painless to pay any amount of taxes, it does somewhat lighten the burden to know that out leaders have paid their share. Here are the figures:

President & Michelle Obama
$1.7 million in income (mostly from book sales)
$245,075 donated to 36 different charities
$453,770 paid in federal income taxes
26.7% effective tax rate
$51,568 paid in state income taxes (Illinois)
29.7% effective tax rate for federal & state taxes combined

Vice-President & Jill Biden
$379,000 in combined income
$5,350 donated to charity
$86,626 paid in federal income taxes
22.9% effective tax rate
$18,000 in state income taxes (Virginia & Delaware)
27.6% effective tax rate for federal & state taxes combined

It is interesting to note that both the president and the vice-president paid a higher effective tax rate than many of the 400 Americans who made the most in income -- who only paid an average effective tax rate of 17% while making much more money. I'll bet that's a lower effective rate that many in the middle class pay also. Somehow it just doesn't seem fair.