Obama's tax return hints at post-presidency plans
April 16, 2016 22:44
Even presidents dip into their savings when they are getting ready to switch jobs. US President Barack Obama and his wife, Michelle, cashed out nearly $1 million in investments last year, according to their 2015 tax return, which the White House released.
The figure suggests that they were preparing to finance large expenses like a home purchase. Obama said last month that the family would remain in the Washington area after he left the White House in January 2017, while his younger daughter, Sasha, finishes high school.
The tax return, released before the filing deadline on Monday, shows that the Obamas earned $436,065 last year and paid $81,472 in total tax an effective rate of about 18.7 per cent. They are getting a refund of $22,859.
But it is clear that the Obamas will face an array of new costs over the next year, including a likely home purchase and the first year of college for Malia, their older daughter. She is said to be considering Stanford and Harvard, where tuition and other costs exceed $66,000 for the coming academic year. Unlike in previous years, the Obamas opted to take their refund instead of applying it to the next year's tax payment.
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