For all curious cats out there who are wondering just how much America’s President and his wife earn each year, here are some detailed stats about the Obama’s financial earnings. According to copies of the returns released by the White House on Wednesday the high profile couple paid just under one-third of their adjusted income in federal taxes. Their income for the year 2008 was $2.7 million which was much lesser from the $4.2 million the Obama’s made in 2007. Nearly all earnings ($2.5 million to be precise) have come in the form of royalties from Obama’s best-selling books – “Dreams from My Father” and “The Audacity of Hope”. As the Senator of Illinois he earned $139,204 last year while his wife earned a salary of $62,709 from the University of Chicago Hospitals, where she was an executive.
The couple’s total federal tax came to $855,323 which is 32 percent of their adjusted gross income of $2,656,902. The Obama’s overpaid by $26,014, and have elected to apply that amount to their 2009 taxes. The couple’s tax deductions include $50,000 in home mortgage as well as $47,488 to send their daughters to the University of Chicago’s elementary school. The couple has also reported donating a whopping $172,050 to charity last year (that is 6.5 percent of the family’s adjusted gross income). The Obama’s also gave a total of $1,400 to five churches last year.
Thus in all the Obama’s paid $78,765 as their Illinois income tax. This amount is much more than the total annual earnings of the average American household!