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Obama's income dropped in election year

President Barack Obama paid an effective federal tax rate of 18.4 per cent in 2012 and saw income from his best-selling books drop as he ran for re-election, according to his tax returns released by the White House on Friday.

Obama and his wife Michelle had adjusted gross income of $608,611 last year, down from $789,674 in 2011, and paid $112,214 in total taxes, compared to $162,074 in 2011

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