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
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)

(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 .

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Showing 3 of 94 comments
Rich.
Apr 19, 2011 11:56 AM CDT
Good for the Obama's. The tax savings allow him to send his daughters to a private, non-unionized school, as well as donate almost a quarter-million DIRECTLY to charity, rather than funnel it through the gov't. He's becoming more republican everyday!
CarpeDiem
Apr 19, 2011 11:45 AM CDT
Obama wants the wealthy to give up some of their money to help out. Yet he takes complete advantage of the Bush tax cuts, and saves $50k in interest write offs. This could be a teachable moment. Obama had every opportunity to use the short form, and give to the government all that he is asking the rest of Americans to do himself. He couldn't be a leader on his own proposal. As usual, no leadership at the white house.
finkster
Apr 19, 2011 11:00 AM CDT
And who says both parties don't compromise?