Obama Tax Returns: President And First Lady Pulled in $1,728,096 In 2010

President Barack Obama and his wife, Michelle Obama reported a 2010 adjusted gross income of $1,728,096, according to federal income and gift tax returns released today.

Of that, $453,770 (26 percent) went to federal taxes, $245,075 (14 percent) went to a total of 36 different charities and $51,568 (3.25 percent) went to state income taxes, meaning the couple kept roughly 56 percent of their income, outside of what they paid in city taxes.

The White House's press release states that most of the Obamas' income, which was over three times less than the $5.5 million earned one year prior, came from book sales. The president's current government salary is exactly $400,000, although he also has a $50,000 expense account, $100,000 non-taxable travel account and $18,000 entertainment account.

The couple's largest charitable donation, $131,075, went to the Fisher House Foundation, a nonprofit humanitarian group that provides support to members of the United States Armed Forces and their families. They also dedicated $15,000 to The Clinton Bush Haiti Fund and $10,000 to the Boys and Girls Club of America.

The Obamas also made $311 in interest from an account kept with JPMorgan Chase and $36,575 interest from "Northern Trust Securities US Govt Interest."

In December, President Obama extended Bush-era tax cuts for America's wealthiest taxpayers.

Vice President Joe Biden and his wife, Dr. Jill Biden, also released their tax returns, together earning $379,178, a combined $104,620 of which went to federal taxes and state taxes in Delaware and Virginia. They gave $5,350 to charity.

For more information about Obama and Biden's tax returns, go to WhiteHouse.gov

The first page of Barack Obama's 2010 tax return:

Comments

[Rightlygay]

11:54 AM on 04/20/2011

You would think with all their wealth that they would get his aunt out of public housing and off of government assistance she is not entitled to....

[ramsha]

12:54 AM on 04/20/2011

I am curious to see Donald (Duck) Trumps Tax Returns.

[Patricia Cash]

03:43 PM on 04/20/2011

Lots of Bankruptcy's will be listed as Losses .The guy is a scammer and has been getting by with it for decades. if it was you or I we would be setting in a 5x7 sleeping on a metal bunk.
Trump makes Bernie Madoff look innocent.

[KingPsyz]

06:52 PM on 04/19/2011

I see the teahaddists have made themselves at home here today...

[EasyRider46]

05:50 PM on 04/19/2011

Top 1% pay almost 40% of federal taxes.
Top 10% pay 70% of federal taxes.

Bottom 50% pay 3% of federal taxes.

Bet you Libs didn't understand any of this. Yes, the rich should pay a higher percentage of the federal tax burden. AND THEY ARE!

[OneInEveryFamily]

05:53 PM on 04/19/2011

Did the rich pay a higher or lower percentage of all federal income tax 30 years ago?

[EasyRider46]

06:06 PM on 04/19/2011

Did dinosaurs become extinct because of a meteor shower or was it something else?

[mermerizein]

06:05 PM on 04/19/2011

Are we supposed to take your word for this or are you going to post a link to support your claims?

The CBO has figures on its website that do not match up with what you've said.

[green001]

05:33 PM on 04/19/2011

I love this country but I am a shame we would put our President income tax ,so that the whole world can read.

[lipps]

05:40 PM on 04/19/2011

How about his long form?

[EasyRider46]

05:42 PM on 04/19/2011

You wouldn't have a problem if the president had a different name, like.....Bush. Would you?

[CivilDebate10]

04:13 PM on 04/19/2011

A liberals definition of income and redistributive "morality":

Person A has $100
Person B has $200
Person C has $300

Person B walks up to person C with a gun forcing Person C to give Person A $100. Person B, being a good liberal, just thinks Person B did a very good and "moral" act.

[OneInEveryFamily]

04:46 PM on 04/19/2011

More like this.

Person A has $100 income
Person B has $200 income
Person C has $300 income

Cost of living is $80. We got go war and the war costs $150
Person A should pay $10. Person B should pay $40 and Person C should pay $100 towards the cost of the war.

[CivilDebate10]

04:05 PM on 04/19/2011

Obama complains that it is wrong for the rich to pay what they are paying under the current law, yet, he does not pay more than he has to under the current law when it would be easy for him to do so by simply writing a bigger check. Enough said.

[mermerizein]

04:22 PM on 04/19/2011

He already pays more than a typical person with similar income.

You've now reverted to a very tired old saw about how people are free to individually send more money to the federal government if they think taxes are too low.

This is not much of a counter to the position that tax policy should be changed for everyone.

[EasyRider46]

04:33 PM on 04/19/2011

Don't respond to this person. S/he lacks the intelligence and logical thinking that is required for an honest and open debate. S/he is a complete waste of time.

[Kfeyti]

03:06 PM on 04/19/2011

Fair Tax would solve this

[EasyRider46]

03:12 PM on 04/19/2011

And what exactly is "fair tax"? I know. It means others pay more but not you.

[CivilDebate10]

04:09 PM on 04/19/2011

Apparently 10% of the people paying WAY over 50% of the taxes isn't "fair enough" for this crowd.

[EasyRider46]

02:53 PM on 04/19/2011

Its interesting how instead of paying more in taxes, Obama instead gives it to charity. I guess he doesn't trust the government to do the right thing with HIS money. But we are supposed to. Nice!

[mermerizein]

02:56 PM on 04/19/2011

It's interesting how you keep posting new things to remain at the top of the comments.

[Bostontru2u]

03:12 PM on 04/19/2011

That's old stuff.

[CivilDebate10]

04:05 PM on 04/19/2011

Interesting how you keep responding.

[kurgen99]

02:57 PM on 04/19/2011

Yes, you are guessing.
And making unsupported assumptions.
Typical of you Tea Baggers.

[EasyRider46]

03:00 PM on 04/19/2011

How is it an assumption? Its right there in his tax return din.gdon.g

[liberalchick]

02:50 PM on 04/19/2011

Isn't she the First Lady?

[DeathByModeration]

02:49 PM on 04/19/2011

Obviously not a "Merit Pay" system.

[EasyRider46]

02:54 PM on 04/19/2011

You got that right.

[DeathByModeration]

04:45 PM on 04/19/2011

So I survive another week?

Nice hair!

[EasyRider46]

02:07 PM on 04/19/2011

Its all a matter of perspective. Libs ha.t.e the rich but love Obama. Obama is rich. I guess it means that Libs have selective h.at.red.

[kurgen99]

02:16 PM on 04/19/2011

The Internal Revenue Service tracks the tax returns with the 400 highest adjusted gross incomes each year. The average income on those returns in 2007, the latest year for IRS data, was nearly $345 million. Their average federal income tax rate was 17 percent, down from 26 percent in 1992.

I posted the link, but it was moderated out. Search for "average rate 17%"

[Don Gray]

09:01 PM on 04/19/2011

Sounds about right, Democrats don't actually want all of the super rich to pay their fair share; just the super rich that aren't on their campaign contributors list.

If they were really serious they would keep the current rates and get rid of all of the loopholes, subsidies and credits except for family credits like EIC.

We would probably save $100,000 a year just in printing costs.

[Bostontru2u]

02:20 PM on 04/19/2011

Progressives don't hate the rich. Conservatives hate everybody. They must hate you, if you have no place else to go but here. Don't you understand what's happening to you? I doubt it. Your subconsious mind brings you here because you, deep down, LOVE President Obama. Love is powerful, isn't it.

[EasyRider46]

02:47 PM on 04/19/2011

I wish I could like Obama. But I can't. He gives great speeches and then does the opposite. He creates class warfare as he himself profits from his political position. So yes, I do understand what's happening. Now you need to open your eyes and look at things more objective.

[EasyRider46]

01:57 PM on 04/19/2011

This is great. The Libs have no comeback on this hypocrite of a president. The guy makes more as a politician that ever in his life and the Libs defend it as if someone had insulted their mother.

I got news for you. There is no defending him. He showed up for work less than 50% of the time as a senator and now we know why. Anybody else in the private sector would have been fired. Instead, he's promoted to President.

You Libs are blinded by his speech and not by his actions.

[Bostontru2u]

01:59 PM on 04/19/2011

You love the ground that man walks on. You can't stop talking about how smart and handsome he is.

[kurgen99]

02:01 PM on 04/19/2011

I love affair for sure. I bet he has pictures of Obama posted all over his wall. Especially the swimsuit shots.

[Bostontru2u]

02:07 PM on 04/19/2011

I'm telling you. They been on the thread ALL day. They can't get him out of their minds. Pure Love.

[EasyRider46]

02:08 PM on 04/19/2011

We do. We do. Isn't it obvious?

[CivilDebate10]

01:52 PM on 04/19/2011

Interesting he's campaigning all around the country right now whining that "the rich" should pay more than 35% yet he pays less than 30%. Why not send in a check? What a raving hypocrite.

[OneInEveryFamily]

01:55 PM on 04/19/2011

He is saying the highest bracket should be 39%. Nobody pays as much as the highest bracket is because of deductions and because the first 250k is taxed at lower rates.


If the bracket was 39%, he would have paid about 40k more.

[CivilDebate10]

01:56 PM on 04/19/2011

Well then, even using your argument, he's still a hypocrite - why didn't he write an additional check for $40K?

[Bostontru2u]

02:01 PM on 04/19/2011

The thread is about as close as you're going to get to Superman Obama.

[CivilDebate10]

02:09 PM on 04/19/2011

Why would I ever want to get close to him?

[demilieu]

01:49 PM on 04/19/2011

Did they use TurboTax?