tax returns

The President's Tax Return Reveals Large Charity Donations

Like everyone else, President Obama has to pay his taxes. The Washington Post reported that the Obamas paid around $855,000 in federal taxes. They could have received a $26,000 refund but opted to have that amount applied to their 2009 income taxes. The President's first tax return while in office showed that he earned $2.6 million from sales of his nonfiction books, "The Audacity of Hope" and "Dreams From My Father" making him one of the most successful nonfiction writers in terms of income. The first couple also reported wages of around $200,000 and like most of us this year, a small amount of investment income. The first family donated $172,050 to charities which represents 6.5 percent of their income. They donated to a total of 37 charities including $25,000 donations to CARE and the United Negro College Funds.

Vice President Biden and his wife, Jill reported an income of about $270,000 and paid about $47,000 in federal taxes and donated just $1,885 to charity. Biden has a nonfiction book too, an autobiography "Promises to Keep: On Life and Politics" but only earned around $9,500 in audio book royalties.

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The President's Tax Return Reveals Large Charity Donations

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