Today, the President released his 2010 federal income and gift tax returns. He and the First Lady filed their income tax return jointly and reported an adjusted gross income of $1,728,096. The vast majority of the family’s income is the proceeds from the sale of the President’s books. The Obamas paid $453,770 in total federal tax.
The President and First Lady also reported donating $245,075 – or about 14.2% of their adjusted gross income – to 36 different charities. The largest reported gift to charity was a $131,075 contribution to the Fisher House Foundation. The President is donating the after-tax proceeds from his children’s book to a Fisher House scholarship fund for children of fallen and disabled soldiers. The President and First Lady also released their Illinois income tax return and reported paying $51,568 in state income taxes.
Download the Obamas’ tax returns (pdf).
The Vice President and Dr. Jill Biden also released their 2010 federal income tax returns, as well as state income tax returns for both Delaware and Virginia. They filed joint federal and Delaware income tax returns. Dr. Biden filed a separate non-resident tax return for the state of Virginia. Together, they reported an adjusted gross income of $379,178.The Bidens paid $86,626 in total federal taxes for 2010. They paid $14,479 in Delaware income taxes and $3,515 in Virginia income taxes. The Bidens contributed $5,350 to charity, in both monetary and in-kind donations.
In his State of the Union Address, President Obama promised that this year, for the first time ever, American taxpayers would be able to go online and see exactly how their federal tax dollars are spent. You can visit the taxpayer receipt and after entering a few pieces of information about your taxes, the taxpayer receipt will give you a breakdown of how your tax dollars are spent on priorities like education, veterans benefits, or health care.
Jay Carney is the White House Press Secretary.