The White House just released the tax returns of Barack and Michelle Obama and the Bidens.
Today, the President released his 2010 federal income and gift tax returns. He and the First Lady filed their income tax return jointly and reported an adjusted gross income of $1,728,096. The vast majority of the family’s income is the proceeds from the sale of the President’s books. The Obamas paid $453,770 in total federal tax.
The President and First Lady also reported donating $245,075 – or about 14.2% 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 President is donating the after-tax proceeds from his children’s book to a Fisher House scholarship fund for children of fallen and disabled soldiers. The President and First Lady also released their Illinois income tax return and reported paying $51,568 in state income taxes.
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