Monday, April 18, 2011

Obama 2010 Tax Returns Released

Presidential couple report $1,728,09.00 in income, mostly from sale of President's books; Biden returns released too...
The White House has posted the 2010 federal income and gift tax returns for President Obama and First Lady Michelle Obama, who filed jointly and reported an adjusted gross income of $1,728,09. The Obamas paid $453,770 in total federal taxes. The President and First Lady also released their Illinois income tax return and reported paying $51,568 in state income taxes. (Above: The President jokes around with a cut-out picture of Mrs. Obama)

"The vast majority of the family’s income is the proceeds from the sale of the President’s books," Press Secretary Jay Carney noted when releasing the documents. "The President and First Lady also reported donating $245,075 – or about 14.2% of their adjusted gross income – to 36 different charities."

Download the Obamas tax return. View the President and First Lady's federal tax receipt (PDF).

Carney said the Obamas' 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, Of Thee I Sing: Letters To My Daughters, to a Fisher House scholarship fund for children of fallen and disabled soldiers.

Mrs. Obama will be penning a book about the Kitchen Garden, which will be released in April of 2012 by Crown Publishing. She will donate her proceeds from the book to a charity that has yet to be named, according to the White House.

The White House also released Vice President Joe Biden and Dr. Jill Biden's 2010 federal income tax returns, as well as state income tax returns for both Delaware and Virginia.

They filed joint federal and Delaware income tax returns. Dr. Biden filed a separate non-resident tax return for the state of Virginia. Together, they reported an adjusted gross income of $379,178.The Bidens paid $86,626 in total federal taxes for 2010. They paid $14,479 in Delaware income taxes and $3,515 in Virginia income taxes. The Bidens contributed $5,350 to charity, in both monetary and in-kind donations.

Download the Bidens' tax return here.

*Photo at top of post was taken when the President visited Miami Central High School in Miami, Fla., March 4, 2011. It's by Pete Souza/White House.