The First Family and the Vice President release 2008 income tax returns

April 16th, 2009 - 6:04 am ICT by admin  

Washington, D.C. (BNO NEWS) — The White House released the 2008 income tax returns for the First Family and Vice President Biden and his wife on Wednesday.

President Obama and First Lady Michelle Obama filed their tax returns jointly and reported an adjusted gross income of $2,656,902. The vast majority of the family’s 2008 income is the proceeds from the sale of the President’s books, according to the White House. The First Family paid $855,323 in federal income tax.

They also donated about 6.5% of their adjusted gross income, which is a total of $172,050. The donations were made to 37 different charities, the largest reported gifts were $25,000 contributions to CARE and the United Negro College Fund.

The President and First Lady also released their Illinois income tax return and reported paying $77,883 in state income taxes.

The Vice President and Dr. Jill Biden have also released their 2008 federal and state income tax returns. They reported an adjusted gross income of $269,256 and an after-tax income of $183,315.

White House records show that the family’s primary sources of income were salaries from the United States Senate, the Widener University, Delaware Technical & Community College, as well as royalties from the audio rights to the Vice President’s book.

The Bidens paid $46,952 in federal income taxes; $11,164 in Delaware state income taxes and they donated $1,885 to charity.

The charitable donations claimed by the Bidens on their tax returns are not the sum of their annual contributions to charity. They donate to their church, and they contribute to their favorite causes with their time, as well as their checkbooks.

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