Obamas report $1.8 million in 2010 income

CBS

Despite improvements in the economy, President and Mrs. Obama saw their adjusted gross income in 2010 shrink to a third of what it was the year before.

Their tax returns for last year, released by the White House, show the Obamas declared total income of $1,795,614. That compares to their 2009 tax returns which showed earnings of over $5.6 million.

The president's salary didn't change but the amount of royalties received for his books was significantly less in 2010 than it was in '09. Still, he received over $1.5 million in book royalties last year, the bulk of his income. As a result, the first family had to file appropriate forms for self-employment tax.

The returns for 2010 show the Obama's owed 453,770 in taxes -- but they overpaid. They're applying their $12,334 refund to their 2011 taxes.

The Obamas declared nearly a quarter million dollars in charitable contributions to 36 organizations including the American Red Cross, Boys and Girls Clubs, CARE, Central Illinois Food Bank, Habitat for Humanity, Miriam's Kitchen, National AIDS Fund, National MS Society, the Clinton Bush Haiti Fund and the United Negro College Fund. Most of them received five or ten thousand dollars from the first couple.

Their single largest contribution of $131,075 went to the Fisher House Foundation, which provides lodging for families to be with loved ones receiving treatment at military hospitals.

The Obamas reported receiving $8,000 in interest payments and nearly $10,000 in ordinary dividends.

The Obamas' federal tax return runs 53 pages and often illustrates the mind-numbing complexity of the U.S. Tax Code - which the president has said he wants to simplify, though he hasn't said how.

His tax return includes forms for Foreign Tax Credit, Capital Loss Carryover and United States Gift (and Generation-Skipping Transfer) Tax.

Vice President Joe Biden and Dr. Jill Biden also released their 2010 tax returns. It shows total income of $379,178 on which they paid $86,626 in taxes. Their withholdings were not enough and they had to send Uncle Sam a check for over $7,000.

The Bidens deducted $30,000 in mortgage interest and made $5,350 in charitable contributions.

Both the Obamas and Bidens checked the boxes to provide $3 for the FEC's Presidential Election Campaign fund. And both couples also used accounting firms to prepare their returns.

The White House posted the tax returns of both the Obamas and Bidens on the White House website.

[Forty-Four]

I thought the president's salary was 400,000.

[AOCGUY]

What's your point?

[truthhurts666]

There are few right wingers here talking about the charitable donations Obama made, If he didn't include the charitable donation in tax return no body would have known about it and right wingers would have another point about how Obama is not giving any thing to charities. So what ever he does you right wingers are never going to be satisfied.

[truthhurts666]

Why don't right wingers thugs talk about corporates and their buddy billionaires who transferred all their profits to offshore so that they don't have to pay any taxes here ? At least president he is paying taxes here , that too more than what he earned as president. You thugs should be ashamed of yourself because you are stealing the American money and sending it to other countries. As for the charitable donations , that should be not be tax deductible. In Obama's new tax plan this is going to be one of the points which he wanted to increase the tax revenues.

[crazyname]

How does his rich evil person only pay 28% of his income in taxes. Seems like he is benefiting from what he is accusing of being the evil rich. While we the small guys pay closer to 38%. He also donates to charities, which he wanted to do away with several years ago. All to save paying money the government needs to feed the poor and give them free birth control and cell phones, they need that money Barry. give it up or some democratic named Harry will take it from you anyway!

[jsnight]

I see that the President took advantage of the "loop holes".

[truthhurts666]

That's what he is talking about, He has plan for making charitable donation as non tax deductible.

[crazyname]

The por president is actually none of the rich people. They should take every dime he has to pay the taxpayers back for he and his wife's high dollar vacations. Where is the 80% he owes? Amazing to make all that money on a 2nd book he didn't even write!

[gruven13777]

So I guess this means he'll be personally benefiting from the bill he just passed to give tax cuts to the rich.

[aintfakin]

love how all these right fingers cant keep their stories straight.
Keep bending over for all those dudes making 10 to a hundred times what Obama does.
and for that mentaldingus that thinks Obama is responsible for the oil prices, give Dcheney a call and see if you can get a word in edgewise past his laughing.
2 kinds of republicans
millionaires
and
suckers

[zafarim]

If you are one of the unlucky ones who did give your pint/s of blood today make sure to ask for the Israel Tax Credit. All American Tax payers should be allowed to claim this credit. Of course we only wish there was such a thing.
http://******/IsraelTaxCredit

[gatovato]

All this hate and ignorance is frightening. The negative people posting don't make over $250k and need to stop letting foxnews tell them how to think and protect the wealthy. It is a wealthy country club, and no you're never getting in. Stop fighting for them, they have really good accountants, they don't need your dogma.