President Barack Obama's tax return for 2010 showed he and First Lady Michelle Obama earned $1,728,096, most of which came from the sale of Obama's books, including The Audacity of Hope. The couple, who filed jointly, paid $453,770 in federal taxes and got a refund of $12,334.
The Obamas' effective tax rate was about 26 percent.
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The president earns $400,000 in his official capacity.
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Obama's tax return showed the president and first lady earned dramatically less money than they did in 2009. The Obamas reported an adjusted gross income of $5,505,409 in 2009, and paid $1,792,414 in federal income tax that year.
Charitable Donations Disclosed on Obama Tax Returns
Obama's tax return for 2010 showed he and Michelle Obama donated $245,075 - about 14.2 percent of their income - to 36 different charities.
Their largest charitable donation was $131,075 to the Fisher House Foundation of Rockville, Md., which provides free or low cost lodging to veterans and military families receiving treatment at military medical centers.
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White House Press Secretary Jay Carney said Obama is donating after-tax proceeds from his 2010 children's book, "Of Thee I Sing: A Letter to My Daughters," to a scholarship fund for children of fallen and disable soldiers.
Obama's tax return for 2010 also show the couple contributed $15,000 to the Clinton-Bush Haiti Fund and a $10,000 gift to the Boys and Girls Club of America.
Deductions on Obama Tax Return
The President and First Lady also released their Illinois income tax return and reported paying $51,568 in state income taxes. On their federal return, the Obamas claimed itemized tax deductions of $78,269 for their state and local taxes, and another $49,945 in home mortgage interest for their Chicago home.
Obama Tax Returns for 2009
Obama's tax return for 2009 showed the president and first lady paid $1,792,414 in federal income tax on an adjusted gross income of $5,505,409. The majority of the family's 2009 income came from the sale of Obama's books.
In 2009, the Obamas also reported donating $329,100 to 40 different charities.
Their largest reported gifts to charity that year were $50,000 contributions to CARE and the United Negro College Fund. In addition, the President donated his $1.4 million Nobel Prize funds to 10 charities. The President and First Lady also reported paying $163,303 in Illinois state income taxes.
Obama Tax Returns for 2008
Obama's tax return for 2008 showed the president and first lady paid $855,323 in federal taxes on an adjusted gross income of $2,656,902. The bulk of their income that year came from sales of the president's books. The couple donated $172,050 to 37 charities, with the largest donations of $25,000 made to CARE and the United Negro College Fund.