Tax returns are considered confidential information, even for our political leaders. However, Presidents and Presidential candidates have chosen to release their returns since the early 1970's. Analyzing these returns can yield some interesting results, such as how much each leader gives to charity. The results below may surprise you…
Person | Tax Year | AGI | Charitable Gifts | Percent |
President Barack Obama | 2012 | $608,611 | $150,034 | 24.65% |
Vice President Joe Biden, Jr | 2012 | $385,072 | $7,190 | 1.87% |
Presidential Candidate Mitt Romney | 2011 | $13,696,951 | $2,250,772 | 16.43% |
VP Candidate Paul Ryan | 2011 | $323,416 | $12,991 | 4.02% |
Presidential Candidate John McCain | 2007 | $386,527 | $105,467 | 27.29% |
Presidential Candidate Rick Santorum | 2010 | $923,411 | $16,289 | 1.76% |
VP Candidate Governor Sarah Palin | 2007 | $166,080 | $3,325 | 2.00% |
President George W. Bush | 2007 | $923,807 | $165,660 | 17.93% |
President Bill Clinton | 1999 | $416,039 | $39,200 | 9.42% |
President Ronald Reagan | 1987 | $345,357 | $25,407 | 7.36% |
Note that in many cases the political leaders will significantly increase their charitable contributions when running for office. For example, according to Barack Obama's 2000 tax return when he was an attorney and professor at Harvard, his adjusted gross income was $240,505, but his charitable giving totaled a measly $2,350 (less than 1% of his income). Similarly, Joe Biden's 1998 tax return shows an adjusted gross income of $215,432. His charitable gifts were limited to $195 that year, or 0.1% of his income.
The tax returns can be found here: http://www.taxhistory.org/www/website.nsf/Web/PresidentialTaxReturns