Today, the White House released the 2009 tax returns of President Barack Obama and First Lady Michelle Obama, and Vice President Joe Biden and Dr. Jill Biden.
Mr and Mrs Obama, who filed their income tax return jointly on April 7, reported an adjusted gross income of $5,505,409. According to the President and First Lady's returns, the vast majority of the family's 2009 income is the proceeds from the sale of the President's books. It seems being President helps sell more books than simply running for President, as the Obamas' 2008 tax return indictates - the Obamas reported an adjusted gross income of only $2,656,902 then.
The Obamas paid $1,792,414 in federal income tax for 2009, versus $855,323 for 2008.
The President and First Lady also increased their donations to charity. Their return shows $329,100 donated to 40 different charities. The largest reported gifts to charity were $50,000 contributions to CARE and the United Negro College Fund. In addition, the President donated his $1.4 million Nobel Prize funds to 10 charities.
As part of their 2008 return, the President and First Lady also reported donating $172,050 - or about 6.5% of their adjusted gross income - to 37 different charities. The largest reported gifts were $25,000, again to CARE and the United Negro College Fund.
The President and First Lady also released their Illinois income tax return and reported paying $163,303 in state income taxes for 2009 versus $77,883 for 2008.
The Vice President and Dr. Jill Biden also released their 2009 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 $333,182. The Bidens paid $71,147 in federal income taxes for 2009. They paid $12,420 in Delaware income taxes and $1,477 in Virginia income taxes. The Bidens contributed $4,820 to charity, in both monetary and in-kind donations..