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Obama Tax Returns Show Declining Income

Biden tax returns show charitable giving increase to 1.86 percent.

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President Obama's income took a downward turn in 2012.

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President Barack Obama may want to reconsider his pledge to gift $20,000 of his 2013 salary to the U.S. Treasury. Tax returns for the first family, released on Friday, show a steady decline in the president's income.

The first family earned $608,611 in 2012, according to the returns, the lowest annual amount since Obama was first elected in 2008. In 2011, the Obamas reported $789,674 in earnings; 2010 tax returns indicated a $1,728,096 haul; 2009 returns show the first family brought in a whopping $5,505,409; and in 2008 Mr. and Mrs. Obama earned $2,656,902.

Obama's $400,000 presidential salary is supplemented by sales of his books, "The Audacity of Hope" and "Dreams From My Father." Book sales may have declined in 2012, despite Obama's successful re-election campaign.

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The Friday statement released by the White House notes that the Obamas paid $112,214 in taxes in 2012 and gave $150,034 to charitable causes.

Vice President Joe Biden and his wife, Jill, also released their tax returns Friday. The Bidens reported $385,072 in 2012 earnings. According to the news release, they paid $87,851 in federal taxes, $13,531 in Delaware income tax and $3,593 in Virginia income tax.

The Bidens donated $7,190 to charities in 2012, amounting to 1.86 percent of their pre-tax income.

Despite the vice president's stingy reputation, the Bidens have been gradually increasing their charitable giving. In 2011, the Bidens gave $5,540 to charities, in 2010 they donated $5,350 and in 2009 they gave away $4,820. According to an ABC News report, the Bidens averaged $369 a year in charitable giving in the decade before 2008.

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