Barack Obama Owes the Tax Man $612
NEW YORK ( TheStreet) -- President Barack Obama owes Illinois a tiny chunk of change.
The president is indebted $612 after already having paid $31,941 in state income taxes for the year, according to
The president and wife Michelle paid an effective federal income tax rate of 20.5% as the couple earned $789,674 and paid a total of $162,074 in 2011 taxes.As Obama's campaign and administration increases efforts to create a fairer tax code that would ensure high-income earners pay at least as much as middle-class households, White House Press Secretary Jay Carney reiterated the president's commitment to the "Buffett Rule." "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," Carney wrote Friday on the White House's Web blog.
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