Obama paid 20.5 pct tax rate in 2011: White House

Reuters News
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Posted: Apr 13, 2012 11:03 AM
Obama paid 20.5 pct tax rate in 2011: White House

WASHINGTON (Reuters) - President Barack Obama and his wife Michelle paid an effective federal tax rate of 20.5 percent on income of $789,674 in 2011, the White House said on Friday amid a debate over tax burdens that is likely to shape the November presidential election.

Obama and his fellow Democrats have accused likely Republican presidential nominee Mitt Romney of backing policies that would shift the burden from wealthy taxpayers to the less affluent.

Romney, who is worth up to $250 million, paid an effective tax rate of 13.9 percent in 2010.

(Reporting by Andy Sullivan)