Obamas report $2.7 million in income for 2008


WASHINGTON – President Barack Obama and his wife, Michelle, millionaires from his best-selling books, made $2.7 million last year and paid just under one-third of their adjusted income in federal taxes. While the income, mostly his, was far more than the U.S. median household income of about $50,000, it was quite a decrease from the $4.2 million the Obamas made in 2007.

Both years, nearly all of the earnings came from Obama's best-selling books. "Dreams from My Father" and "The Audacity of Hope" — brought in about $2.5 million in royalties last year, according to copies of the returns released by the White House on Wednesday, the federal filing deadline.

Obama earned $139,204 as a Democratic senator from Illinois last year before leaving his seat after winning the November election. Michelle Obama received a salary of $62,709 from the University of Chicago Hospitals, where she was an executive.

The couple's total federal tax came to $855,323. That was 32 percent of their adjusted gross income of $2,656,902.

The Obamas overpaid by $26,014, and elected to apply that amount to their 2009 taxes.

The couple's federal tax deductions included about $50,000 in home mortgage interest.

They reported contributing $172,050 to charity last year, including $25,000 each to the CARE international relief agency and the United Negro College Fund. That $172,050 represented about 6.5 percent of the family's adjusted gross income. That percentage is roughly two to three times the national average for household donations to charity, according to the Center on Philanthropy at Indiana University.

The Obamas gave a total of $1,400 to five churches. In contrast to 2007, they gave nothing to the Trinity United Church of Christ. Barack Obama was a longtime member of the church, and gave it $26,270 in 2007, but resigned from it and cut ties with its pastor, the Rev. Jeremiah Wright, after Wright made incendiary comments that became a campaign issue.

The Obamas' total Illinois income tax was $78,765, their state return showed.

The White House also released Vice President Joe Biden's tax returns. Biden and his wife, Jill, earned $269,256 last year.

The Bidens' main sources of income were salaries from the Senate, Widener University, Delaware Technical & Community College and royalties from the audio rights to the vice president's memoir, "Promises to Keep."

According to tax returns released by the vice president's office, the Bidens paid $46,952 in federal income taxes and $11,164 in Delaware state income taxes. They donated $1,885 to charity.

Biden served in the Senate from 1973 until Jan. 15 of this year.

http://news.yahoo.com/s/ap/20090416/ap_on_go_pr_wh/obama_tax_returns

I wonder if they protested.

No!
Actually he advocates his earning group being required to pay more!

The Bidens made almost $270,000 and donated a whopping $1885 to charity. Thats pretty pathetic.

Yeah! You'd think he could have paid more, but then who knows what kind of other bills he has.


Look at Obama though.
Talk about putting your money where your mouth is.
And he wants to raise his taxes in order to give the rest of us a lower tax rate!

Cant knock that!

This sort of stuff turns me to like this smiley:

I barely make any money lately, but I continuously donate stuff, places like Goodwill store and public places where i can donate old clothes and so on.

In money I am a member of the Fraternity Order of Police, my 30 bucks a year for them, and i regularly give away things that I don't need, such as building a free computer to others if i got enough old (but good) parts available.

And yes...sometimes I'm in a situation (lately a lot) that I wish I would have an extra 30 dollars.

Things like you talk about aren't tax deductable items.
You say,
i regularly give away things that I don't need.
Its good that you think about the less fortunate, but those kind of things wouldnt be listed on an IRS report!

Every little bit helps. Maybe in 4 years when he is unemployed he can make some speeches and donate a little more.

pretty pathetic, I agree. Most of the politicians are great at giving away our money, but, they dang sure are not gonna give away theirs. Best solution would be to have elections second monday in April.

What about Obama though!

You guys are good at looking at a glass half empty!

don't worry it will evaporate

I think they should have equally donated to the United Caucasion College Fund.

You are so dead wrong. donations to the Goodwill store will give you tax deductible receipt with a number, fully tax deductible. Thanks for encouragement by the way, is there anything that I would say you wouldn't oppose or have a negative comment about?

I am laughing my a$$ off so hard! You made my day, Lady!

well if they want everyting to be fair why dont they make 50,000 a year like the average American

Dang, I want to be average if they make that much.

I dont know if thats it i saw someone posted that earlier

I did encourage you!
Well,
I didnt discourage you anyway!

I give to the Goodwill all the time.
I never report it on my taxes. I never even heard that you could.
Thanks, Ill investigate it more!
I just always figured it was give it to them or toss it!
I never thought about getting a tax deduction for something like that!


Anyway how about that Obama?
I noticed you commented on the bad in the article.
How about the good?
He sure is willing to put his money where his mouth is aye.
How many of us would propose increasing our own taxes?

Liberals are always to worst when it comes to donating to charity.No surprise that Conservitives are the best.


http://www.nydailynews.com/news/politics/2008/09/12/2008-09-12_democratic_vicepresidential_candidate_jo.html

Friday, September 12th 2008, 2:01 PM



Democratic VP candidate Joe Biden is known for being a loose cannon - but he's decidedly tight when it comes to charity contributions.
WASHINGTON - Calling Joe Biden the cheap veep would be charitable.
Biden, Barack Obama's vice presidential pick, relased 10 years of tax returns Friday in hopes of forcing GOP rival Sarah Palin to do the same.But the filings reveal the Delaware Democrat doesn't dig very deep into his wallet for charities.

Biden reported a total income of $2.2 million over the last 10 years, but donated a scant $3,690 in money and gifts.His philanthropy hit a peak last year - while he was running for President - when he earned $320,000. He gave $995 to charity - and that includes a non-cash gift valued at $400, his records showed.
Based on percentage of income, he was most generous in 2007. He gave away .3% of what he and his wife, Jill, earned.Biden donated $380 to charity in 2004, 2005 and 2006. He gave even less annually from 1998 to 2003.

The Obama-Biden campaign had no immediate response to an inquiry by the Daily News, but indicated it was reviewing the matter before making a comment.A top GOP operative, however, snapped: "How does that compare to what an average American, making $40,000 a year gives?"Big name Washington pols have been criticized for years for being tightwads when it comes to charity, including Al Gore in the 1980s and even Barack Obama until two years ago - when his philanthropy dramatically escalated.

Write a book and sell a couple million copies!

I'm surprised Obama paid his taxes...nobody else in D.C. seems too