Obama Releases Seven Years Of Tax Returns

The Obama campaign announced this afternoon it has posted the candidate's tax returns on its Web site and challenges Clinton to do the same.

"The returns are complete, including all schedules, and are now available to anyone to view," the campaign announced in a statement. "The Obama campaign urged Senator Clinton to join Senator Obama in making her returns public. Full disclosure on Senator Clinton's part is especially important because she recently loaned $5 million to her campaign, shortly after revelations surfaced that her husband was to receive a $20 million payout from Yucaipa, a supermarket holding company that invests in tax shelters in the Cayman Islands."

As for some highlights, the Obama and his wife Michelle reported joint income of $991,296 in 2006 (the most recent year released) which included $430,700 in salaries and $506,618 in reported business income. In 2005, their income was $1,670,995 – a huge jump from 2004, when the couple reported earning $207,342. One interesting note, in 2006, the couple reported donating $60,307 to charity, including $22,500 to the Trinity United Church of Christ.

The CBS News political unit provides a look at some of the numbers from the returns:

  • 2006: Joint income totaled $991,296 (includes $430,700 combined salaries; $506,618 business income and $51,200 from Treehouse Foods, where Michelle sat on the corporate board). Breakdowns of the above numbers aren't immediately available. Also, the couple donated $60,307 to charity (includes $22,500 to Trinity United Church of Christ; $15,000 to CARE; $13,107 to the Congressional Black Caucus; $5,000 to Muntu Theatre and $4,700 to miscellaneous charities)

  • 2005: Joint income totaled $1,670,995 (includes $154,047 for B. Obama's Senate salary; $316,962 for Michelle's University of Chicago Hospital salary; $874,167 from Random House; $335,206 from Dystel & Goodrich and $45,000 in "other income" from Treehouse Foods and Bay Valley Foods, where Michelle sat on the corporate board). They gave $77,315 to charity (includes $5,000 to Trinity Church of Christ; $11,315 to misc. charities; $25,000 to Illinois Reading Council; $20,500 to Rochelle Lee Fund and $16,000 to CARE)

  • 2004: Joint income totaled $207,342 (includes $32,144 to B. Obama from University of Chicago; $53,288 state senator salary and $121,910 for Michelle's University of Chicago Hospital salary). The couple gave $2,500 in miscellaneous charity contributions.

  • 2003: Joint income totaled $238,327 (includes $64,287 to Barack from University of Chicago; $58,151 state senator salary, and $115,889 for Michelle's University of Chicago Hospital salary). They gave $3,400 to miscellaneous charities.

  • 2002: Joint income totaled $226,300 (includes $69,287 to Barack from University of Chicago; $58,187 state senator salary and $98,826 for Michelle's University of Chicago Hospital salary). The couple gave $1,050 to miscellaneous charities.

  • 2001: Joint income totaled $176,965 (no breakdown provided on salary, however this includes $98,158 in "business income" B. Obama reported from side work as an attorney). They gave $1,470 to miscellaneous charities.

  • 2000: Joint income totaled $212,999 (no breakdown provided on salary, however this includes $16,500 in "business income" B. Obama reported from side work as "foundation director/educational speaker"). They gave $2,350 to miscellaneous charities.