WH Tax Returns Released: Obamas Earned $2.65M In '08
Pres. Obama and Michelle Obama earned more than $2.65M last year, according to their joint tax returns, which were released this afternoon by the White House. The bulk of their income was generated by sales of Barack Obama's books.
The Obamas paid $855,323 in federal income tax. They gave $172,050 - or about 6.5% of their adjusted gross income, the White House noted in a release - to 37 charities. Their largest reported gifts to charity were $25,000 contributions to Catholic Relief Services and the United Negro College Fund.
The couple also reported paying $77,883 in state income taxes.
Vice President Joe Biden and Dr. Jill Biden earned a combined $269,256. The Bidens paid $46,952 in federal income taxes and $11,164 in Delaware state income taxes. The Biden announcement is careful to note that the couple's after tax income was $183,315.
The couple gave $1,885, well less than 1 percent of their earnings, to charity.
"The charitable donations claimed by the Bidens on their tax returns are not the sum of their annual contributions to charity," notes the White House statement. "They donate to their church, and they contribute to their favorite causes with their time, as well as their checkbooks."
Biden took some heat during the fall campaign for donating less than $1,000 annually to charity between 1998 and 2007.
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