Author: Jay Carney

Today, the President and Vice President released their 2012 financial disclosure reports.

The Ethics in Government Act of 1978 requires high-level federal officials to publicly disclose their personal financial interests. The public filing system serves to prevent financial conflicts of interest by providing for a systematic review of the finances of government officials. Those finances are set forth in annual disclosures which are reviewed and certified by ethics officials. Neither the President nor the Vice President have any conflicts of interest, and their reports have been reviewed and certified by the independent Office of Government Ethics. We are continuing this Administration's practice of posting these forms online here in the interests of transparency:

View the President's 2012 financial disclosure report (pdf)

View the Vice President's 2012 financial disclosure report (pdf)

White House staff are also completing their forms and we anticipate they will be available here next month, also in electronic form.

For more information

• See the 2011 financial disclosure reports
• See the 2010 financial disclosure reports

Today, the President released his 2012 federal income tax returns. He and the First Lady filed their income tax returns jointly and reported adjusted gross income of $608,611. The Obamas paid $112,214 in total tax. 

The President and First Lady also reported donating $150,034 – or about 24.6 percent of their adjusted gross income – to 33 different charities. The largest reported gift to charity was $103,871 to the Fisher House Foundation.

The President’s effective federal income tax rate is 18.4 percent. The President believes we must reform our tax system which is why he has proposed policies like the Buffett Rule that would ask the wealthiest Americans to pay their fair share while protecting families making under $250,000 from seeing their taxes go up. Under the President’s own tax proposals, including 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.

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