Obama releases tax returns: How much did he pay?

President Barack Obama and his wife, Michelle, paid a 20.5 percent federal tax rate on $789,674 in adjusted gross income for 2011, according to tax returns released today by the White House.

The Obamas for 2011 reported earning less than half of the $1.7 million they made in 2010 and less than 20 percent of the $5.5 million they made in 2009. Obama, who earns a $400,000 annual salary as president, received most of the rest of his 2011 income from sales of his books. His gross income from book sales declined to $487,928 for 2011 from more than $1.5 million the previous year.

Full story: Bloomberg