Obamas' tax return shows big drop in income in 2010

Obamas' tax return shows big drop in income in 2010

2011-04-19 04:08:38 GMT+7 (ICT)

WASHINGTON, D.C. (BNO NEWS) -- The tax returns of U.S. President Barack Obama and his wife Michelle showed a big drop in income in 2010, but the First Family is still a millionaire.

The 59-page document was released by White House Press Secretary Jay Carney on Monday afternoon, showing that the Obamas reported an adjusted gross income of $1,728,096 in 2010. This shows a significant drop from the adjusted gross income of $5,505,409 in 2009.

Carney said the vast majority of the family's income is the proceeds from the sale of Obama's books, but it also includes both Obama's $395,188 salary as president. "The Obamas paid $453,770 in total federal tax," he said. "The President and First Lady also released their Illinois income tax return and reported paying $51,568 in state income taxes."

According to the tax returns, the Obamas reported donating $245,075 - or about 14.2 percent of their adjusted gross income - to 36 different charities. The largest reported gift to charity was a $131,075 contribution to the Fisher House Foundation. The President is donating the after-tax proceeds from his children's book to a Fisher House scholarship fund for children of fallen and disabled soldiers.

The White House also released the tax returns of U.S. Vice President Joe Biden and his wife Jill. Together, they reported an adjusted gross income of $379,178 in 2010, an increase from $333,182 in 2009. The Bidens paid $86,626 in total federal taxes, $14,479 in Delaware income taxes and $3,515 in Virginia income taxes.

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