President Obama's Federal income tax rate is 20.5 percent, which is actually higher than Mitt Romney's 15.4 percent despite making around $20 million less than the Republican frontrunner. Obama and his team have released his 2011 Federal income and gift and tax returns today. (You can find them here.) Obama and the First Lady are paying that rate on an adjusted gross income of $798,674, which is $20.1 million less than what reportedly Romney made in 2011. Of course, Romney paid around $3.2 million on that handsome sum, and the Obamas are paying $162,074.
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