Obama'S 2011 Tax Returns Show Big Drop In Income As Book Revenues Dip

[News_Editor]

Obama's 2011 tax returns show big drop in income as book revenues dip 2012-04-14 05:07:42 GMT+7 (ICT) WASHINGTON, D.C. (BNO NEWS) -- Tax returns released by the White House on Friday show that the income of President Barack Obama and his wife Michelle suffered a big drop last year due to falling sales from his three books.The 48-page document was released by White House Press Secretary Jay Carney, showing that the Obamas reported an adjusted gross income of $789,674 in 2011, the lowest during their time in the White House. The Obamas reported $1,728,096 of adjusted gross income in 2010 and $5,505,409 in 2009.The adjusted gross income of the Obamas in 2011 dropped by about a million dollars when compared to a year earlier, mainly due to falling book sales. The tax returns show Obama made about $441,369 in business income in 2011, significantly lower than the $1,382,889 in business income in 2010.But the tax burden for the Obamas has continued to drop during the previous years. The Obamas paid $162,074 in total federal taxes tax in 2011, or about 20.5 percent, lower than many Americans who earn less. The Obamas also paid $31,941 in state income tax in Illinois, or about 4 percent."The President believes we must reform our tax system which is why he has proposed policies like the Buffett Rule that would ask the wealthiest Americans to pay their fair share while protecting families making under $250,000 from seeing their taxes go up," Carney said in a statement, adding that the Obamas would pay more in taxes under his own proposals.In 2010, the Obamas paid a total of $453,770 in federal tax, or about 26 percent of their adjusted gross income. The previous two years their federal tax burden was more than 32 percent, with a total federal income tax of $1,792,414 in 2009.According to the tax returns released on Friday, the Obamas donated $172,130 - or about 22 percent of their adjusted gross income - to 39 different charities. The largest reported gift to charity was a $117,130 contribution to the Fisher House Foundation, a scholarship fund for children of fallen and disabled soldiers, which receives the after-tax proceeds from Obama's children's book 'Of Thee I Sing.'The White House also released the tax returns of U.S. Vice President Joe Biden and his wife Jill. Together, they reported adjusted gross income of $379,035. The Bidens paid $87,900 in total federal tax for 2011. They paid $13,843 in Delaware income tax and $3,614 in Virginia income tax. The Bidens contributed $5,540 to charity in 2011.

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[Bluespunk]

Oh the poor dear, only three quarters of a million dollars earned last year. Let's pass a hat around and have a collection for him.

[chuckd]

I guess Michelle is going to have to go back to work at the hospital for only $300,000 yearly.

[koheesti]

Obama also paid a lower tax rate than his secretary - just like Warren Buffet...

http://abcnews.go.com/blogs/politics/2012/04/president-obamas-secretary-paid-higher-tax-rate-than-he-did/