Obamas paid $453,770 taxes on $1.7 million income
President Barack Obama waves as he returns to the White House in Washington, Friday, April 15, 2011, after a trip to Chicago. Credit: AP
President Barack Obama and his wife, Michelle, are reporting income of $1.728 million for last year, much of it from the sale of the president's books. They paid federal taxes of $453,770.
The Obamas, joining the flocks of Americans filing their taxes near the end of the federal filing period, were entitled to a refund of $12,334 after federal withholding and other payments totaling $466,104. The president and first lady reported donating $245,075 — about 14.2 percent of their adjusted gross income — to 36 different charities.
Their adjusted gross income for 2010 was below the $5.5 million they reported for the year before, also mostly from book sales.
Obama paid taxes at lowered Bush-era rates even as he campaigns to end them for wealthier Americans.
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