Obamas’ Tax Return Shows Lower Household Income Than in 2009

By JACKIE CALMES
NYT

Income for the Obama household continued to slip in 2010, tax returns show, as proceeds from President Obama’s best-selling books tapered off. But just as he has said, his income is easily high enough to make the family eligible for a tax increase under his own deficit-reduction proposals.

The president and his wife, Michelle Obama, on Monday reported an adjusted gross income of $1,728,096 for 2010, down from $5.5 million in 2009. Most of their income came from sales of his books “Dreams From My Father” and “The Audacity of Hope.” The Obamas paid $453,770 in federal taxes, for an effective tax rate of just over 26 percent; the top individual tax rate is 35 percent.

The Obamas donated $245,075 — 14.2 percent of their income before tax deductions and exemptions — to 36 charities. According to the White House, more than half went to the couple’s favorite charity, the Fisher House Foundation, which benefits families of fallen and disabled soldiers; it gets all proceeds from Mr. Obama’s children’s book, “Of Thee I Sing: A Letter to My Daughters,” which was published late last year.

Separately, the Obamas paid $51,568 in state income taxes to Illinois.

(More here.)