Washington - 5/15/14 (S2N Media) The 2013 Financial Disclosure Report for President Obama and other public officials was released on Thursday May 15, 2014. Here are five interesting financial highlights about the President and First the report revealed.
1. They own mostly Treasuries. Much of their wealth, which is between $1 and $5 million of assets, is invested in U.S. Treasury securities.
2. The Obamas pay a mortgage interest rate of 5.6% on their $1 million dollar home in Chicago. That compares to an average mortgage interest rate this week of 4.2%.
3. Malia and Sasha will not be saddled with the debt of student loans. Dad and Mom Obama have put away between $200,000 and $400,000 in 529 college savings plans for Malia and Sasha.
4. President's books not bestsellers anymore. Over the years, most of the Obamas' wealth has come from the President's bestselling books "Dreams from my Father" and "Audacity of Hope." Royalties from those sales have declined to less than $165,000.
5. The president earns a salary of $400,000 for his day job. The Obama's 2014 federal income tax filing showed joint incomes of $481,098. They paid $98,169 in total tax.
Why do public official have to disclose this information publicly?
"The Ethics in Government Act of 1978 requires high-level federal officials to publicly disclose their personal financial interests, The public filing system serves to prevent financial conflicts of interest by providing for a systematic review of the finances of government officials." - White House spokesman Jay Carney.