President Barack Obama's 2012 tax returns show he and first lady Michelle Obama paid $112,214 in taxes last year on $608,611 in adjusted gross income. They paid an effective rate of 18.4 percent for their federal income taxes.
President Barack Obama's new budget depicts a still-fragile economy continuing its slow but steady recovery from the deep 2007-2009 recession. The White House forecast does not foresee U.S. unemployment falling to pre-recessionary levels below 6 percent until after Obama leaves office.
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