White House: Obama assets between $1.9M and $6.9M

16 May 2015 | Author: | No comments yet »

Obama could be worth as much as $6.9 million.

The Obamas, employing a cautious investment strategy while in the White House, hold much of their wealth — at least $1.25 million — in Treasury notes and bills. President Barack Obama and his wife, Michelle, held assets last year that were worth roughly $1.9 million to $6.9 million, according to their required financial disclosure reports.President Obama and first lady Michelle Obama released financial disclosure forms Friday showing they hold assets totaling somewhere between $1.9 million and $6.9 million.

Almost all Obama’s holdings are in tax-sheltered retirement accounts, but his net worth also includes deposits in college savings plans for his daughters worth somewhere between $200,000 to $400,000. Obama proposed eliminating those college savings accounts — known as 529 plans — as part of a tax reform proposal earlier this year, but withdrew the proposal after opposition from Congress. The best-selling author of Dreams From My Father, The Audacity of Hope and Of Thee I Sing, Obama reported total book royalties between $45,000 and $150,000, down from 2013. Presidents, high-level executive officials, members of Congress and federal candidates must disclose information about their finances every year under the Ethics in Government Act of 1978.

The president reported one liability, a 30-year mortgage on his Chicago home worth between $500,000 and $1 million with an interest rate of 5.625 percent. Obama acknowledged in a 2013 interview with the real estate website Zillow that he and the first lady would “save some money” by refinancing the mortgage. The Obamas hold a mortgage on their Chicago house, though they have more than enough in liquid assets to pay off the balance, which is listed as $500,000 to $1 million. The average 30-year loan this week carries a 3.85 percent rate, according to Freddie Mac. “I would probably benefit from refinancing right now,” Obama said in August 2013 when he was promoting initiatives to encourage refinancing mortgages. “I would save some money.

When you’re President, you have to be a little careful about these transactions, so we haven’t refinanced.” Barack Obama, 53, and Michelle Obama, 51, don’t have to report the value of their largest asset: his status as a future ex-president. Federal laws don’t require public officials to reveal the balances in their federal government retirement accounts, so the filings may understate the wealth of Joe Biden, who has been a U.S. employee since 1973.

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