Obamas make $2.7 million with his books

April 16th, 2009 - 12:39 pm ICT by IANS  

Barack Obama Washington, April 16 (IANS) President Barack Obama and his wife Michelle together made $2.7 million, largely from the sale of his book, in 2008 and paid $855,323 in federal income tax.
Releasing copies of Obama’s state and federal tax returns Wednesday, the White House said the vast majority of the family’s income is from the sale of the president’s books.

“Dreams From My Father,” Obama’s 1995 autobiography, has been on the New York Times paperback nonfiction bestseller list for 142 weeks. The president’s 2006 book, “The Audacity of Hope,” has been on the list for 67 weeks.

The White House said the first couple donated around 6.5 percent of their gross income — $172,050 — to 37 charities, including Catholic Relief Services and the United Negro College Fund. The Obamas paid $77,883 in income taxes to the state of Illinois.

The White House also released tax returns for Vice President Joe Biden and his wife Jill, who made considerably less than the Obamas last year.

The Bidens’ joint return shows adjusted gross income of $269,256, primarily from the vice president’s senate salary, Widener University, Delaware Technical & Community College and royalties from the audio rights to the vice president’s book.

The Bidens reported after-tax income of $183,315. They paid $46,952 in federal income taxes, $11,164 in Delaware state income taxes and donated $1,885 to charity.

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