Wednesday, April 15, 2009

Obamas release federal income tax returns

The Obamas reported income of $2.7 million, according to copies of the 2008 federal tax return released today.

Most of the income came from President Obama's $2.5 million on book royalties.

The first couple paid $855,323 in federal taxes, while making $172,050 in charitable contributions to 37 different charities. Obama's presidential salary is $400,000 a year. The hefty income though was a big drop from last year's $4.2 million when Obama's books sales were at their peak.

Obamas' Earnings, Helped by Royalties, Stayed High in '08

New York Times - ‎44 minutes ago‎
By CHARLIE SAVAGE WASHINGTON - President Obama and his wife released their 2008 federal tax return on Wednesday, showing that they paid $855323 in federal income taxes on a combined household income of $2656902.

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