The Obamas paid $93,362 in federal income taxes

President Obama and First Lady Michelle Obama reported about the same amount of income in 2014 as they did in 2013.

President Obama and First Lady Michelle Obama reported $495,964 in gross income last year, according to their 2014 tax returns released by the White House on Friday afternoon.

The president's salary accounted for nearly $395,000 of that, while their net business income came to $88,181 from Random House and literary management company Dystel & Goderich. They also earned about $16,000 in taxable interest.

After accounting for $17,400 in tax-deferred retirement savings and a $1,181 deduction for the self-employment payroll taxes they paid, their adjusted gross income came to $477,383, just a little less than they earned the year before.

Related: Top 400 taxpayers' average income jumps to $336 million

So how much of all that went to Uncle Sam? The Obamas' federal income tax bite came to $93,362, or 19.6% of their AGI.

A piece of that tax burden -- $2,035 -- was attributable to the Medicare surtax on high earners that was created to help fund Obamacare.

The Obamas donated $70,712, or about 15% of their AGI, to more than 30 charities.

They also paid $22,640 in income taxes to their home state of Illinois.

CNNMoney (New York) April 10, 2015: 6:33 PM ET

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BuzzFeed reposts deleted Dove article

BuzzFeed reposted a story about Dove soap after questions arose over why it had been deleted.

"I blew it," Editor-in-Chief Ben Smith wrote in a memo that he tweeted Friday. "Twice in the last couple of months, I've asked editors -- over their better judgment and without any respect to our standards or process -- to delete recently published posts from the site."

Smith added that he "reacted impulsively when I saw the posts and I was wrong to do that" and that both posts would be reinstated with a brief note.

One of the deleted then reinstated stories was posted in February and concerned the game of Monopoly. The other was posted to the site's "Life" page on Wednesday and was critical of a Dove advertising campaign.

"This post was inappropriately deleted amid an ongoing conversation about how and when to publish personal opinion pieces on BuzzFeed," an update read on the reinstated story. "The deletion was in violation of our editorial standards and the post has been reinstated."

Gawker noticed the deletion on Thursday and raised the question whether the article was taken down due to the BuzzFeed's relationship to Unilever, Dove's owner, and a BuzzFeed advertiser.

Hasbro, the makers of Monopoly, is also an advertiser.

Smith denied that advertiser pressure was behind the Dove story deletion.

"You also have a right to ask about whether we did this because of advertiser pressure, as Gawker suggested," Smith wrote to the BuzzFeed staff on Friday. "The answer is no."

Soon after Gawker's story on Thursday, Smith posted a memo on Twitter written by BuzzFeed Life editorial director Peggy Wang and BuzzFeed Food editor Emily Fleischaker.

The memo said that the piece was pulled due to the article's voice and not its content.

"When we approach charged topics like body image and feminism, we need to show not tell," the memo read. "Using our own voices (and hence, BuzzFeed's voice) to advance a personal opinion often isn't in line with BuzzFeed Life's tone and editorial mission."

Or as Smith said in the tweet attached to the Thursday memo: "We are trying not to do hot takes."

On Friday, Smith made it clear that advertiser pressure is something he tries to shield his staff from.

"I field complaints all the time from companies and individuals, including advertisers, and I see it as my job to shield you from that pressure," he wrote.

Related: BuzzFeed wants to expand its content empire.

CNNMoney (New York) April 10, 2015: 6:14 PM ET

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HBO still hasn't heard from Scientology lawyers for 'Going Clear'

"Facts are stubborn things," HBO CEO Richard Plepler said in an interview with CNNMoney this week.

"Everybody's entitled to their own opinion, but they're not entitled to their own facts," he added. "I think the documentary bears up very well to any kind of scrutiny."

Sheila Nevins, the president of HBO's documentary division, had a similar comment -- "facts are facts" -- when asked about the film at a party on Wednesday held by The Hollywood Reporter.

The March 29 premiere of "Going Clear" scored the highest overnight viewership for an HBO documentary in nine years. Nevins and Plepler pointed out that the documentary is still reaching new viewers every day thanks to repeats and HBO's various on-demand services.

John Travolta isn't interested in watching HBO's Scientology documentary 'Going Clear.'

"Going Clear" was back in the news this week when John Travolta, a member of the church, said he was uninterested in seeing it.

The documentary, by well-known filmmaker Alex Gibney, is based on the book of the same name by Lawrence Wright.

In an interview before the premiere, Gibney said he was well aware of the possibility that Scientology might try to strike back with lawsuits.

But, he said, "we were very rigorous in terms of how we checked our story, how we had it scrutinized extensively by lawyers -- not only my own lawyers but by HBO's lawyers," Gibney said.

Nevins once commented that there were "probably 160 lawyers" involved, but she meant that hyperbolically.

HBO's other recent documentary success was "The Jinx," a six-part series about the troubled multi-millionaire Robert Durst, a suspect in several murders.

There have been questions about the extent of filmmaker Andrew Jarecki's communication with law enforcement, particularly due to the recording of Durst apparently saying to himself he "killed them all."

"I can tell you unequivocally we did not withhold any evidence," Plepler said, calling Jarecki "very scrupulous."

"I think what's important to remember is that a 30-year -- 30-year -- murder mystery was essentially opened up" by Jarecki and his colleagues, Plepler added.

HBO and the parent of this web site, CNN, are both owned by Time Warner.

CNNMoney (New York) April 10, 2015: 6:34 PM ET

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Elizabeth Warren: 2016 race should focus on families

Year after year, they take one blow after another, Warren said on CNN's New Day on Friday, where she appeared to talk about her book "A Fighting Chance."

"We live in an America now where the game is rigged. Where Washington works really great for those who hire armies of lobbyists, armies of lawyers. It's just not working so well for the rest of America," she said.

Warren wants candidates running in 2016 to talk about how they'll change that and "make Washington work for families again."

The Democratic Senator from Massachusetts has long been a champion for the middle class, advocating for a higher minimum wage, making education more affordable, and protecting benefits like Social Security and Medicare.

Related: Elizabeth Warren tells Wall Street: 'Bring it on'

Many of her supporters hope she would run for President, challenging Hillary Clinton, who is expected to announced her candidacy on Sunday, for the Democratic nomination in 2016. But Warren has consistently said she isn't running.

And she wouldn't throw her support behind anyone on Friday or in the near future. Only Republicans Ted Cruz and Rand Paul have announced their candidacies.

"In my view, [they're] out of the running for really working for middle-class families," Warren said.

Related: What Rand Paul's flat tax plan would look like

CNNMoney (New York) April 10, 2015: 8:10 AM ET

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Opinion: Want to save Social Security? Embrace Latinos

But that eighth wonder is now under pressure from three powerful levers: falling birth rates, rising longevity, and hordes of retiring baby boomers. The first decreases the number of new taxpayers while the other two increase the number of retirees.

That hurts the foundation of our public pension program: essentially a population-based, pay-as you-go model, where today's workers' pay for today's beneficiaries through their payroll taxes.

It works -- so long as we have many more tax paying workers than retirees. But we no longer do.

So what is the solution? It's actually staring us right in the face with its sheer numbers: The Latino population. And the key to combat this perfect storm is empowering America's Latino youth.

According to the U.S. Census, from 2000-2010 the population of Latino children increased by 4.8 million, while white children decreased by 4.3 million. Were it not for Latinos, the nation's population of children would have declined.

The U.S. Census similarly projects that the white labor force population will decline by 15 million from 2010 to 2030 while Latinos will grow by 17 million. A February 2015 report by leading global research firm IHS Global Insight found that Latinos will account for 75% of employment growth from 2020 to 2034.

Surveys show this demographic shift has created fear and resentment towards Latinos among retiring baby boomers who remain oblivious to the irony: The solvency of their government supported retirement and health care is directly dependent on the payroll tax contributions of a largely Latino future work force.

Anyone who thinks Latino immigrants are a drag on the economy are wrong. In fact, they have the potential to make an increasingly bigger contribution.

Related: What Rand Paul's flat tax plan looks like

Latino population growth is giving America a global competitive advantage. We simply could not meet our nation's demand for labor or solve our fiscal challenges without them.

Take for example, Social Security and health care entitlements (e.g., Medicare), along with other safety net programs for federal retirees and veterans, that have already risen to cost 67 cents of every dollar spent in our budget. And this nondiscretionary spending will continue to rise. Over the next 10 years, due to baby boomers living longer, total annual federal spending will increase from $3.5 trillion in 2014 to $5.8 trillion in 2024.

Related: 7 ways to maximize your Social Security Benefits

We have known about this issue for a long time. In a 1999 article titled The Biggest Ponzi Scheme on Earth, Nobel economist Milton Friedman warned that the imbalance of workers and beneficiaries would soon become a full-fledged crisis.

According to the Social Security Administration, the worker-to-beneficiary ratio will fall to 2.1 in 2040, which is when they predict the Social Security fund will be vastly depleted.

Given the structural underfunding of our pension systems, it is high time we realize that the solution to saving Social Security and firing up our economy is right at our doorstep -- maximizing the productivity of our young Latinos.

The Economist magazine's overwhelmingly positive 16-page cover story last month on America's 57 million Hispanics summed it up: "The rise of Latinos is a huge opportunity. The United States must not squander it."

--Charles P. Garcia is the CEO of the Association of Latino Professionals for America. ALPFA's mission is to empower and develop Latino men and women as leaders of character for the nation in every sector of the global economy.

CNNMoney (New York) April 10, 2015: 7:39 AM ET

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Gillette shows off 'Avenger' razors for an 'Iron Man' beard

How else would Iron Man's alter ego generate the perpetual energy supply he needs to obliterate facial hair with uni-beam pulse bolts?

Gillette pulled a clever stunt Friday aimed directly at fans of the Marvel's "The Avengers."

The 110-year-old grooming company says it has partnered with Stark Industries, the conglomerate run the billionaire playboy and superhero Tony Stark, better known as Iron Man.

Yes, this is a joke.

Gillette says Stark Industries has developed four prototypes inspired by characters from "The Avengers" franchise, including Iron Man, The Hulk, Captain America and Thor.

Related: Marvel names new directors for 'Avengers: Infinity War'

In a movie trailer-like YouTube video, Gillette introduces the prototypes one by one.

There's the Iron Man-inspired "Repulsor1," which is built using Stark Industry's expertise in robotics, aeronautics, "fringe science," and weaponry.

The "XL Gamma" razor has an "unstable molecular structure" that causes it to expand 700% in size and "brute shaving force." Like The Hulk, this razor "gets angry with missed hairs...very angry."

Related: This Iron Man toy soars 200 feet

Capitan America's razor has been rebuilt using "super solider technology." The "Ultra Strike" razor has a "Vibranium" shield cartridge shoots out to "target hairs not once, not twice, but up to 87 times."

Last but not least, the "Thunder" razor uses "micro lightening" to scorch stubble "to the follicle." It also has an "honor based gyro-gravity field" that prevents anyone other than the rightful owner from using it, just like Thor's hammer.

Related: Sony makes deal to bring Spider-Man to Disney's Marvel

"We are excited to see what happens in testing as the Avengers-inspired technology is incorporated into the razors," said Stew Taub, director of R&D at Gillette.

He's probably not the only one. Fans of The Avengers are gearing up for the latest release, "The Avengers: Age of Ultron," which comes out on May 1.

Alas, it's unclear if any of the Avengers themed razors will be available in stores, even without the super powers.

The YouTube video ends with a narrator saying: "Shaving rebuilt with Avengers technology. Coming soon! Maybe."

Related: 'Furious 7' races to record $147 million opening box office

Related: 'Star Wars' films available for digital download for first time ever

CNNMoney (New York) April 10, 2015: 8:24 AM ET

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Rob Lowe defends his 'funny' DirecTV ads

Rob Lowe fired back on Twitter after the Better Business Bureau recommended that DirecTV stop airing ads starring the actor.

The ads came under fire this week after the Better Business Bureau recommended that DirecTV (DTV) discontinue the spots, because the satellite TV company couldn't substantiate many of the claims they made. The ruling came after Comcast (CMCSA) took issue with the commercials.

Lowe weighed in sarcastically on Twitter on Wednesday: "Recent events have underlined my belief that for something to be truly original, funny and subversive, there must also be fallout. #Life"

In the ads, the actor plays various awkward versions of himself, including a Rob Lowe with scrawny arms, "painfully awkward" Rob Lowe, "super creepy" Rob Lowe, "far less attractive" Rob Lowe and "meathead" Rob Lowe.

At the end of the commercials, the normal DirecTV version of Lowe says, "Don't be like this me. Get rid of cable and upgrade to DirecTV."

DirecTV claims in the spots that its service gets 99% signal reliability, up to 1080p HD programming, better picture and sound quality than cable, more sports programming than its rivals and shorter customer service wait times than its cable competitors. It also said it was rated No. 1 in customer satisfaction.

But the Better Business Bureau National Advertising Division review board said it found no supporting evidence to substantiate the "far less attractive" Rob Lowe commercial's claim that DirecTV has better picture and sound quality than cable. "Scrawny arms" Rob Lowe also claimed DirecTV has more sports programming, but the NAD said that was unsupported, too.

The review board said DirecTV failed to explain how it arrived at its customer service claims and even took issue with the commercials' statement "don't be like this me," because it "conveyed a comparative and unsupported superiority message."

It did, however, find that DirecTV's message of 99% signal reliability and "up to 1080p" picture were solid.

DirecTV is appealing the claim that the ads are deceptive.

Related: DirecTV told to pull Rob Lowe ads after Comcast complains

Related: DirecTV charged with false advertising

CNNMoney (New York) April 9, 2015: 8:02 AM ET

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Jamie Dimon: New crisis coming, regs will make it worse

"Some things never change," the CEO of JP Morgan writes in a 39-page annual letter to shareholders on Wednesday. "There will be another crisis, and its impact will be felt by the financial markets."

Dimon describes how investors typically react in a crisis, rushing to sell problem assets and stocking up on safe havens, such as U.S. Treasuries. It's the classic "run-on-the-market phenomenon," he adds.

In what he calls a "thought exercise," Dimon speculates about how new banking rules put in place after the 2008 crisis might play out when there's a run on the market.

Related: Finally, Jamie Dimon gets his cash bonus

While he says the financial system is much stronger than it was in the past, Dimon suggests that higher capital and liquidity requirements could have unintended consequences.

Essentially, he argues that banks would be less nimble in a crisis because they have to hold more cash in reserve and are unable to take certain risks.

For example, he says healthy banks like JP Morgan (JPM) may be reluctant to accept deposits during a crisis because they would be considered short-term in nature and would cost banks valuable capital under new leverage rules.

He also notes that during a crisis many people tap lines of credit to have cash on hand just in case. Under new rules, this would make it appear that the bank is holding more risky assets and could "force banks to hoard capital."

Related: JPMorgan's Dimon says bank is 'under assault' by regulators

In the next crisis, he says healthy banks won't be able to buy and hold securities or loans because of limitations on the amount of risk they can take on. And banks won't be able to underwrite stock offerings during a crisis because it would use capital they need to hold under new rules.

Dimon also suggests that the new rules make it more likely that "non-bank lenders" will step in to lend money "at exorbitant prices that take advantage of the crisis situation."

Of course, Dimon has some advice for regulators on how they could improve the situation.

He says they could allow banks to provide liquidity cash on a "graduated basis" and accept more forms of collateral.

"That is, they can give themselves both gas and brakes; i.e., change liquidity rules to fit the environment," Dimon concludes.

CNNMoney (New York) April 9, 2015: 8:28 AM ET

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U.K. makes a big oil discovery

An exploration firm in Britain says it has discovered a potential "world class" oil reserve.

Exploration firm U.K. Oil & Gas Investments said Thursday there may be up to 100 billion barrels of oil at an onshore site in south England, a company spokesperson told CNN.

That's more than double the amount of oil pumped from Britain's energy offshore North Sea fields in the past 40 years.

The company's share of the total reserves are estimated at close to 9 billion barrels.

UKOG chief executive Stephen Sanderson described the discovery as a "world class potential resource."

"This [find] has the potential for significant daily oil production," he said in a statement.

Related: Surprise! Green energy surged despite cheap oil

But the find may not be as significant as it looks at first glance. The firm said based on similar sites in the U.S. and Siberia, only between 3% and 15% the total reserves would likely be recovered.

Britain's energy industry has suffered along with the rest of the world over the past six months due to a sharp drop in the oil price.

In February, trade group Oil & Gas UK said new investment in the North Sea would fall by about one third in 2015 as weak oil prices and rising production costs force companies are forced to pull back.

At the same time, low energy prices are fueling a wave of tie-ups in the oil sector. On Wednesday, Royal Dutch Shell and British firm BG Group announced a £47 billion ($69.7 billion) merger.

That bid brought global M&A volume in the oil and gas industry to $112 billion so far this year, according to Dealogic -- nearly double the $61.4 billion registered over the same period in 2014.

Related: Oil fallout: U.S. companies kill over 51,000 jobs

CNNMoney (London) April 9, 2015: 8:26 AM ET

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Female finalists to be the new face of the $20 bill

A group pushing to replace Jackson on the $20 bill with a woman has narrowed it down to four potential candidates - including a famous female Native Indian chief.

The final cut of Eleanor Roosevelt, Harriet Tubman, Rosa Parks and Mankiller were selected by more than 250,000 voters in an online poll from a field of 15 famous American women, according to Women On 20s.

The group, which also goes by W20, is lobbying to put one of these women on the $20 bill by 2020, the 100th anniversary off the ratification of the 19th amendment, which granted women the right to vote.

Related: America's best-performing female CEOs

Roosevelt, Tubman and Parks emerged at the top of the balloting. Mankiller, a Cherokee Chief who received the Medal of Freedom in 1998, was added to have a Native American women in the running. Mankiller died in 2010.

Among the original candidates who did not make the final four was Susan B. Anthony. The leader of the women's suffrage movement in the 1800's appeared on the dollar coin before she was replaced with an image of Sacagawea, a Native American woman who helped the explorers Lewis and Clark.

But there are still no women on U.S. paper currency and W20 is petitioning the president and Congress to change that.

"We believe this simple, symbolic and long-overdue change could be an important stepping stone for other initiatives promoting gender equality," the group says on its website. "Our money does say something about us, about what we value."

Related: The $10 bill is up next for a new look

Related: The woman who broke into the BBQ 'boys club'

CNNMoney (New York) April 8, 2015: 8:29 AM ET

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