Many Americans were able to breathe a collective sigh of relief this week with the coming and passing of the tax filing deadline. Read more about the some of other important news that occurred in this edition of the weekly news wrap up.
President Obama’s Tax Situation:
Being the president of the United States definitely doesn’t mean you get a free pass on your taxes. According to documents released this week by the White House, President Barack Obama and his wife, Michelle Obama, paid a combined $453,770 in total federal taxes last year after making a total of roughly $1.7 million (adjusted gross income), which was generated primarily from book sales. Being the philanthropists they are, the Obamas donated roughly 14.2% of their adjusted gross income to charity, with the largest donation going to the Fisher House Foundation.
New Government Service Allows Taxpayers to Track Their Taxes:
If you’ve ever been curious about how the federal government spends the tax dollars they collect from Americans each year, then you can finally have your questions answered. The White House recently launched a new online tool, appropriately called the federal taxpayer receipt, that can allow taxpayers to do just that. Just enter in your specific tax information and the tool can give you a rough estimate of exactly how your tax payment funded the federal government. Hooray for government accountability.
Taxpayers Want to Keep Their Tax Deductions:
While federal lawmakers battle over what to include (and exclude) from the federal budget, joint poll results from Gallup/USA Today revealed most Americans oppose tax reform policies that would eliminate common federal tax deductions–even if eliminating those deductions could either reduce the deficit or lower the overall tax rate. Even more surprising is that many Americans are opposed to eliminating these deductions even though they don’t benefit from them.