For all curious cats out there who wonder just how much America’s President and his wife earn each year, here are some detailed stats about Obama’s financial earnings. According to copies of the White House’s returns on Wednesday, the high profile couple paid just under one-third of their federal taxes’ adjusted income. The year 2008 was $2.7 million, which was much lesser than 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 $62,709 from the University of Chicago Hospitals, where she was an executive.
The couple’s total federal tax came to $855,323, 32 percent of their adjusted gross income of $2,656,902. Obama’s overpaid by $26,014 and has elected to apply that amount to their 2009 taxes. The couple’s tax deductions include a $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). Obama 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!