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Thread: The Obamas made over $2 million last year, paid over $800k in taxes

  1. #1
    Elite Member Moongirl's Avatar
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    Default The Obamas made over $2 million last year, paid over $800k in taxes

    MSNBC.com


    Obamas made $2.7 million last year
    First couple paid $855,323 in federal taxes or 32 percent of their income


    The Associated Press
    updated 3:56 p.m. PT, Wed., April 15, 2009

    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.

    Overpaid federal taxes
    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.

    They 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.

    Bidens earned $269,256
    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.


    Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
    URL: http://www.msnbc.msn.com/id/30234253/



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  2. #2
    Elite Member Grimmlok's Avatar
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    wow, they OVERPAID? what a concept
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Elite Member kingcap72's Avatar
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    Well, at least Obama's taxes are paid up. Too bad some of his Cabinet picks couldn't say the same.

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    Elite Member cupcake's Avatar
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    Less than they made the previous year but a darn good living. We overpay every year as a business
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    Elite Member sparkly's Avatar
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    I didn't realize the Obama's are so wealthy. If he ever gets a divorce, I'm single!
    Everyone is entitled to be stupid, but some abuse the privilege.

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    Elite Member *DIVA!'s Avatar
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    ^^Once those books stop selling...they will just have his income as POTUS.
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    Elite Member kingcap72's Avatar
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    ^^Obama may very well write another book while he's in office, and Michelle may write one, too.

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    He can rack up on speaking fees after his presidency, like Clinton does.

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    Elite Member cmmdee's Avatar
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    I wonder if Dumbya's going to write a book.

    How to be Prezydent.



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    Elite Member kingcap72's Avatar
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    Quote Originally Posted by cmmdee View Post
    I wonder if Dumbya's going to write a book.

    How to be Prezydent.


    The only thing Dubya needs to write is a 12-Step pamphlet.

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    Elite Member greysfang's Avatar
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    Wow, a POTUS who actually raised taxes on himself. What a novel fucking concept.
    FUCK YOU AND GIVE ME MY GODDAMN VENTI TWO PUMP LIGHT WHIP MOCHA YOU COCKSUCKING WHORE BEFORE I PUNCH YOU IN THE MOUTH. I just get unpleasant in my car. - Deej

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