Pres. & First Lady Obamas' Tax Return Shows Lower Household Income Than in 2009 (982 hits)
JACKIE CALMES
The president and his wife donated $245,075 - 14.2 percent of their pretax income - to 36 charities and paid $453,770 in federal taxes. Income for the Obama household continued to slip in 2010, tax returns show, as proceeds from President Obama’s best-selling books tapered off. But just as he has said, his income is easily high enough to make the family eligible for a tax increase under his own deficit-reduction proposals.
The president and his wife, Michelle Obama, on Monday reported an adjusted gross income of $1,728,096 for 2010, down from $5.5 million in 2009. Most of their income came from sales of his books “Dreams From My Father” and “The Audacity of Hope.” The Obamas paid $453,770 in federal taxes, for an effective tax rate of just over 26 percent; the top individual tax rate is 35 percent.
The Obamas donated $245,075 — 14.2 percent of their income before tax deductions and exemptions — to 36 charities. According to the White House, more than half went to the couple’s favorite charity, the Fisher House Foundation, which benefits families of fallen and disabled soldiers; it gets all proceeds from Mr. Obama’s children’s book, “Of Thee I Sing: A Letter to My Daughters,” which was published late last year. Separately, the Obamas paid $51,568 in state income taxes to Illinois.
Vice President Joseph R. Biden Jr. and his wife, Jill Biden, also released their 2010 return as part of the annual White House ritual of making the information public on the federal filing deadline. Compared with the president, Mr. Biden is a pauper. He and his wife had an adjusted gross income of $379,178, most of it his salary. The Bidens paid $86,626 in federal taxes, for an effective tax rate of about 23 percent. They also paid $14,479 in income taxes to Delaware and $3,515 to Virginia, and contributed $5,350 to charity, counting money and in-kind donations.
