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:
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