Thaindian News

April 16, 2010 (Pen Men at Work): As a result of re-energized book sales after he became the American president, Barack Obama, and his wife, Michelle, earned $5.5 million as income last year. They shelled out virtually one-third of it in federal income taxes.

The Obamas bequeathed $329,100 to charitable trusts in 2009. The president, who discharged his tax returns on Thursday, also contributed the whole of his $1.4 million Nobel Peace Prize award to 10 charitable associations. He never obtained the $1.4 million, and it was not included in his 2009 income.

Obama, previously a law school lecturer and American senator, became a millionaire a few years ago as a consequence of the sales of his 1995 memoir, ‘Dreams From My Father’, and his 2006 political book, ‘The Audacity of Hope.’ He acquired about $4 million in royalties in 2007, which was the year he initiated his presidential movement.

Sales also consisted of the audio versions of his books, for which Obama attained two Grammy awards in the spoken-word group.

Sales dropped somewhat in 2008, the year he was elected president, although his books still supplied to him roughly $2.5 million.

Obama’s swearing in in January 2009 as America’s first black president appeared to perk up curiosity in his books. Payments in 2009 more than doubled the previous year’s amount.

Obama is supplied $400,000 a year as president, although he procured $374,460 last year because he took office on Jan. 20.

The Obamas shelled out nearly $1.8 million in federal income tax in the previous year, and $163,303 in Illinois income tax. Among their altruistic gifts were $50,000 each to CARE and the United Negro College Fund.

The Obamas claimed $514,819 in federal listed deductions. They included the state income taxes, the $329,100 for charitable trusts, $52,195 in-home mortgage interest imbursements, and $22,456 in real estate taxes.