April 15, 2009 5:57 PM

No Surprises In Obama's Tax Returns

By
Michelle Levi
Topics
White House
(AP)
President and Mrs. Obama, as well as Vice President and Dr. Biden, joined the ranks of all Americans today by filing their 2008 income tax returns on time. In total, the first couple had a joint income of $2,736,107 while the Bidens had a joint income of $269,256.

The Obamas paid $855,323 in federal income taxes while the Bidens paid $46,952.

The majority of the Obamas income came from book proceeds totaling $2,479,648 during the campaign year. Vice President Biden earned $9,563 in audio book royalties.

The president resigned from the Senate shortly after the general election and therefore his Senate salary is not a full year's amount. Mr. Obama brought home $139,204 from the taxpayers, while Biden, who did not resign his Senate seat until January 2009, earned $165,526.

Another glaring comparison can be made between the couples' charitable giving. The Obamas donated $172,050 in 2008 to charities including Care and United Negro College Fund, among others. The Bidens donated $1,885 to charity and the official release explains, "The charitable donations claimed by the Bidens on their tax returns are not the sum of their annual contributions to charity. They donate to their church, and they contribute to their favorite causes with their time, as well as their checkbooks."

First Lady Michelle Obama earned $62,709 from her work at the University of Chicago Hospital while Dr. Jill Biden earned a salary of $67,840 as an educator.

Here are the returns as released by the White House (all in PDF format):

The Obamas' Federal 1040 Form

The Obamas' Federal 709 Form

The Obamas' Illinois Tax Return

The Bidens' Federal 1040 Form


The Bidens' Delaware Tax Return

Add a Comment See all 31 Comments
by stevereenie June 13, 2009 5:07 PM EDT
Obama only invested in foreign companies and US Tax Exempt bonds in 2008 paying precious little US tax on this source of income. This is the guy that complains about rich americans not paying their "fair share" of tax and exporting jobs overseas. And CBS says No Surprises in Obama's Tax Return. Now that is an interesting spin.
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by stevereenie June 13, 2009 5:04 PM EDT
Excuse me, Obama invested these new riches from his book deal in offshore companies and tax exempt bonds almost exclusively. He made nearly a couple hundred of thousands of dollars on "foreign" investments while complaining about US companies that do the same. I believe he called it "exporting US jobs." In short almost all of Obamas tax from a large portfolio of investment income was almost zero. Well, so much for CBS's spin that there are no surprises in Obama's tax return.
Reply to this comment
by rhs648 April 16, 2009 3:19 PM EDT
rhs648 believes Republicans give far more to charity than Democrats. Nice scientific statement. And then there's this one: "Who leaves donations off of their tax returns? Only idiots or people with something to hide."
rhs648 and others may not be able to comprehend that some people don't claim every penny donated; in fact, many people tithe to churches without claiming the donation as a tax deduction. Apparently these people are fools, although their faith isn't affected by such brainless assumptions.
Posted by idlepugilist

Excuse me. Over the years, there have been references to Republicans being bigger donors to charity than the democrats. Unfortunately, I could not recall where I had read this. That is why my comment stated with I believe.... That doesn't make my statement any less relevant. Just because you can't see a bear relieve himself in the woods doesn't mean it doesn't happen.
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by talaan77 April 16, 2009 9:48 AM EDT
On top of what they were required to give, the President and First Lady also dug plenty deep to contribute $172,050 to 37 charities

This is a quote from the NY Daily News
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by talaan77 April 16, 2009 9:45 AM EDT
A man "For the people." Yep, he is for certain people that's for sure. I would have liked to see him donate to a organization other than the United Negro College Fund that could benefit all races. How disappointing and another slap to the other half who raised him.
Posted by u-r-right

Did you read the article or did you just see what you wanted to, he gave to other charities they just choose to name that one
Reply to this comment
by violist47 April 16, 2009 7:56 AM EDT
" Did he still give less than 1% of his earnings to charity? It figures. he's a liberal. We'll just give everyone elses' money to charity. Mine belongs in my pocket." - youcantBSirius

You can't be serious, seriously. That's over 6% of his gross earnings he gave to charity. And not "just" to the United Negro College Fund, either. "Among others" it says. and don't forget CARE, which is also cited. What percentage of your earnings did you people give to charity???
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by valh1 April 16, 2009 7:30 AM EDT
Conservatives do give more AND they care more about what is going on in this country. Always have and always will.

http://townhall.com/columnists/JohnStossel/2006/12/06/who_gives_to_charity
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by mav547166 April 16, 2009 7:29 AM EDT
Just goes to show you that everyone is a conservative when it comes to their money.
Reply to this comment
by u-r-right April 16, 2009 7:23 AM EDT
A man "For the people." Yep, he is for certain people that's for sure. I would have liked to see him donate to a organization other than the United Negro College Fund that could benefit all races. How disappointing and another slap to the other half who raised him.
Reply to this comment
by JpFromOH April 16, 2009 6:40 AM EDT
"The president resigned from the Senate shortly after the general election and therefore his Senate salary is not a full year?s amount. Mr. Obama brought home $139,204 from the taxpayers,"

This is a major beef of mine.

Obama was campaigning the whole time he was in the Senate last year and "away from his Senate job" in Washington yet he still got paid $139,204 to campaign. This is taxpayer funded campaigning and it isn't right. Obama's campaign should repay this $139,204 to the taxpayers.

Look at it this way. If you were to run for President would your employer still pay you a salary? The answer is NO!

Basically, only politicians and independently wealthy people can run for President.

Ordinary folks can't take time off to run and still get paid!

jr
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