The White House released the income tax return of President Barack Obama and his wife Michelle, and according to their returns, the Obamas made $1.7 million in 2010. The first couple paid over $450,000 in federal income taxes, and donated $245,000 to charitable causes.
From Bloomberg.com:
The Obamas reported $1.3 million in taxable income after deductions, according to a 2010 tax return released by the White House today, the deadline for filing tax returns. Obama earned his $400,000 presidential salary plus almost $1.4 million in income associated with his books.
The Obamas’ adjusted gross income dropped about 69 percent from last year, when it was $5.5 million. Their total federal income tax liability dropped about 75 percent from last year, when it was $1.8 million.
In 2010, Obamas donated $245,075 to charities, or 14.2 percent of their adjusted gross income. That’s less than the $329,100 they gave in 2009, when charitable contributions made up 6 percent of their adjusted gross income. In 2009, the Obamas also donated the entire $1.4 million that the president received for winning the Nobel Peace Prize, which wasn’t counted as taxable income because it was transferred directly to charities.
The largest single donation of $131,075 in 2010 went to Fisher House Foundation Inc., which provides lodging for military families visiting people who are hospitalized. The next-largest contribution, $15,000, went to the Clinton-Bush Haiti Fund.
