Home»Business»Global» Obamas made $1.72 mn last year, paid $453,000 in tax

Obamas made $1.72 mn last year, paid $453,000 in tax

IANS | Last Modified - Apr 19, 2011, 10:30 AM IST

The family donated 14% of its income, which mostly came from the sale of Obama's books.
  • Obamas made $1.72 mn last year, paid $453,000 in tax
    Obamas made $1.72 mn last year, paid $453,000 in tax

    obama_michelle_288Washington: US President Barack Obama and his wife Michelle made over $1.72 million last year, and paid about $453,000 in federal tax, the White House said.

    The White House released the president's 2010 federal income and gift tax returns on Monday. Obama and Michelle filed their income tax return jointly and reported an adjusted gross income of $1,728,096, Xinhua reported. Majority of the family's income is the proceeds from the sale of the president's books. The Obamas paid $453,770 in federal tax.

    The Obama family also reported donating $245,075 or about 14.2 per cent of their adjusted gross income to 36 different charities. The largest reported gift to charity was a $131,075-contribution to the Fisher House Foundation.

    The first family also released their Illinois income tax return and reported paying $51,568 in state income taxes.

    Vice President Joe Biden and his wife Jill Biden didn't make as much as the Obamas. Their tax return indicated they reported an adjusted gross income of $379,178. The Bidens paid 86,626 in 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.

    The Bidens filed jointly for federal and Delaware income tax returns. Jill Biden filed a separate non-resident tax return for the state of Virginia.

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