Obamas paid over $450K in taxes on $1.7 million income
WASHINGTON (AP) - President Obama and his wife, Michelle, reported income of $1.728 million for last year, much of it from the sale of the president's pre-presidency books...
WASHINGTON (AP) — President Barack Obama and his wife, Michelle, reported income of $1.728 million for last year, much of it from the sale of the president’s pre-presidency books. They paid federal taxes totaling $453,770 after receiving a $12,334 refund.
The Obamas paid their taxes at lowered Bush-era rates, even as he campaigns to end them for households with adjusted gross incomes above $250,000 — a category into which the first family clearly fits.
Joining the flocks of Americans filing their taxes near the end of the federal filing period, the Obamas made withholding and other payments to the Internal Revenue Service last year totaling $466,104. That was an overpayment, so they got their refund. The president and first lady reported donating $245,075 — about 14.2 percent of their adjusted gross income — to 36 different charities.
The largest single gift was a contribution of $131,075 to the Fisher House Foundation, a charity that offers a scholarship fund for children of soldiers who die or are disabled.
The Obamas’ adjusted gross income for 2010 of $1.728 million was well below the $5.5 million they reported for the year before, both totals mostly driven by royalties from books written earlier by Obama. They included his 1995 memoir “Dreams From My Father” and his 2006 political book, “The Audacity of Hope.”
The White House released the returns on the day that federal tax returns are due this year, although Obama signed his 1040 form last Tuesday. Michelle Obama signed the tax return on Wednesday.
They also released their Illinois income tax returns showing they paid $51,568 in state income taxes for last year.
Vice President Joe Biden and his wife, Jill, reported more modest earnings, a combined adjusted gross income of $379,178, on which they paid $86,626 in federal taxes for 2010. The Bidens’ withholding and earlier payments came to just $79,446 — so they had a tax bill of $7,180 to settle.
The Obamas paid 26 percent of their adjusted gross income in federal income taxes. The Bidens paid 23 percent.
The Bidens paid $14,479 in Delaware income taxes and $3,515 in Virginia income taxes. Jill Biden is an adjunct professor at Northern Virginia Community College. The Bidens contributed $5,360 to charities.
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Associated Press writer Stephen Ohlemacher contributed to this report
Copyright 2011 The Associated Press.
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