Bush Tax Cuts Save Obamas $100K

President pulled in $1.73M in 2010, based mostly on books

By Polly Davis Doig,  Newser Staff

Posted Apr 18, 2011 4:56 PM CDT | Updated Apr 19, 2011 8:03 AM CDT

(Newser) – Barack and Michelle Obama reeled in $1,728,096 last year—a precipitous drop from the $5.5 million the first couple claimed the year before, according to tax returns released yesterday by the White House. And while Obama proclaimed in last Wednesday's speech that he doesn't "need another tax cut," he did indeed enjoy one: The New York Post reports that the Obamas saved about $100,000 thanks to the Bush tax cut extension. He also benefited from a $50,000 home-mortgage interest write-off, a deduction he has proposed lowering.

The Obamas paid $435,770 in federal taxes, $51,568 in Illinois taxes, and donated $245,075 to 36 charities, reports Reuters. The president reported $395,188 in wages, salaries, and tips. The income was based largely on sales of Obama's three books, though he donated after-tax proceeds of Of Thee I Sing, the only one written as sitting president, to charity. Joe and Jill Biden, meanwhile, had an adjusted gross income of $379,178, paid $86,626 in federal taxes, and donated $5,350 to charity .

U.S. President Barack Obama speaks with first lady Michelle Obama after he made a presentation in support of Chicago as the host city for the 2016 Summer Olympic Games, Friday, Oct. 2, 2009.
U.S. President Barack Obama speaks with first lady Michelle Obama after he made a presentation in support of Chicago as the host city for the 2016 Summer Olympic Games, Friday, Oct. 2, 2009.   (AP Photo/Charles Dharapak, Pool)
President Obama and first lady Michelle Obama had an adjusted gross income of $1.7 million last year, based mostly on sales of the president's books.
President Obama and first lady Michelle Obama had an adjusted gross income of $1.7 million last year, based mostly on sales of the president's books.   (AP Photo/Roberto Candia)
« Prev« Prev | Next »Next » Slideshow
My TakeCLICK BELOW TO VOTE
18%
8%
15%
3%
55%
2%
To report an error on this story, notify our editors.

NEWS FROM OUR PARTNERS
Other Sites We Like:   The Street   |   MSN Living   |   PopSugar Tech   |   RealClear   |   24/7 Wall St.   |   Biography   |   Barstool Sports   |   OK!