Obama likely paid higher tax rate than Romney in 2011
(Reuters) - President Barack Obama released tax forms on Friday that reveal he will probably pay a higher tax rate on much lower income than likely Republican opponent Mitt Romney in 2011, adding fuel to a Democratic election-year effort to raise taxes on the rich.
Obama and his wife, Michelle, paid an effective tax rate of 20.5 percent on income of $789,674 last year, the White House said. Romney has estimated he will pay a 15.4 percent tax rate on income of $20.9 million.
Obama and his fellow Democrats have spent much of the week touting the "Buffett Rule," a plan to ensure that millionaires like Romney pay at least 30 percent income tax. The rule is named after Warren Buffett, the billionaire investor who has noted that he pays a lower tax rate than his secretary.
Obama's return shows that he pays a lower effective rate than the 35.8 percent rate that Buffett's longtime secretary, Debbie Bosanek, has said she pays. Obama also pays a slightly lower rate than his own secretary, the White House said.