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Any thoughts? Presidents financials...

WASHINGTON -- President Barack Obama and his wife, Michelle, reported income of $1.728 million for last year, much of it from the sale of the president's pre-presidency books. They paid federal taxes totaling $453,770 after receiving a $12,334 refund.

The Obamas paid their taxes at lowered Bush-era rates, even as he campaigns to end them for households with adjusted gross incomes above $250,000 - a category into which the first family clearly fits.

Joining the flocks of Americans filing their taxes near the end of the federal filing period, the Obamas made withholding and other payments to the Internal Revenue Service last year totaling $466,104. That was an overpayment, so they got their refund. The president and first lady reported donating $245,075 - about 14.2 percent of their adjusted gross income - to 36 different charities.

The largest single gift was a contribution of $131,075 to the Fisher House Foundation, a charity that offers a scholarship fund for children of soldiers who die or are disabled.

The Obamas' adjusted gross income for 2010 of $1.728 million was well below the $5.5 million they reported for the year before, both totals mostly driven by royalties from books written earlier by Obama. They included his 1995 memoir "Dreams From My Father" and his 2006 political book, "The Audacity of Hope."

The White House released the returns on the day that federal tax returns are due this year, although Obama signed his 1040 form last Tuesday. Michelle Obama signed the tax return on Wednesday.

They also released their Illinois income tax returns showing they paid $51,568 in state income taxes for last year.

Vice President Joe Biden and his wife, Jill, reported more modest earnings, a combined adjusted gross income of $379,178, on which they paid $86,626 in federal taxes for 2010. The Bidens' withholding and earlier payments came to just $79,446 - so they had a tax bill of $7,180 to settle.

The Obamas paid 26 percent of their adjusted gross income in federal income taxes. The Bidens paid 23 percent.

The Bidens paid $14,479 in Delaware income taxes and $3,515 in Virginia income taxes. Jill Biden is an adjunct professor at Northern Virginia Community College. The Bidens contributed $5,360 to charities.

 
amazinggrace83

Asked by amazinggrace83 at 5:09 PM on Apr. 18, 2011 in Politics & Current Events

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Answers (26)
  • "I say that at a time when the tax burden on the wealthy is at its lowest level in half a century, the most fortunate among us can afford to pay a little more. I don’t need another tax cut. Warren Buffett doesn’t need another tax cut. Not if we have to pay for it by making seniors pay more for Medicare. Or by cutting kids from Head Start. "

    ***
    You DO realize, Stacy, that taxes are assessed on annual INCOME, right?! The powers that be in DC, don't HAVE a lot of annual INCOME...they have WEALTH, which is NOT taxed as income!! So, of course they don't mind tax increases (but LOVE their tax cuts), as it DOESN'T AFFECT THEM!!!
    LoriKeet

    Answer by LoriKeet at 8:51 PM on Apr. 18, 2011

  • The only thoughts I have are why are the Biden's so stingy with their donations to charity?! I KNOW this is par for the course with them, and the MAJORITY of wealthy Democrats...just wondering.

    We gave significantly more than the Biden's and earn significantly less than them.

    Obama only started donating more substantially when he started running for President before that he gave barely a half of a percent. Biden is a jerk so I am not shocked he gave less than what we did when we only made 120k a year. He doesn't have to give anything to charity no one does. I think when you are part of the party that believes people should be taxed more and be more giving it is comical he gives so little.
    Anonymous

    Answer by Anonymous at 5:36 PM on Apr. 18, 2011

  • almost every time he talks about raising taxes he says "I don't need a tax break. I will not struggle if my taxes are raised."


    Really - almost every time. I have never heard him say that. I have only heard him speak of the wealthy in the 3rd person. I have never heard him lump himself into the wealthy. 


    It's not vilifying people to raise taxes


    Not me, but you did. He speaks of the wealthy with distain and disgusses them as being almost unpatriotic if they get to keep the money they have rightfully earned. You spun it well, but that isn't what I said or what I meant. I said he vilifies the wealthy which he does. They are bad people for wanting to keep what is legally and rightfully theirs. 

    jesse123456

    Answer by jesse123456 at 7:19 PM on Apr. 18, 2011

  • It seems to me that he is blissfully unaware that he fits into the bracket he so hates. That gives me pause to wonder why? Why doesn't he see himself as one of the hated 'upper 1%' that he vilifies at every turn? It is so strange.
    jesse123456

    Answer by jesse123456 at 6:43 PM on Apr. 18, 2011

  • I'm guessing then given his stance on higher taxes that he didn't accept the refund......
    yourspecialkid

    Answer by yourspecialkid at 8:32 PM on Apr. 18, 2011

  • It seems to me that he is blissfully unaware that he fits into the bracket he so hates. That gives me pause to wonder why? Why doesn't he see himself as one of the hated 'upper 1%' that he vilifies at every turn? It is so strange. Answer by jesse123456


    Indeed.  In fact, it makes one wonder if he thinks that the top earners in this country should pay more taxes, what's stopping him from sending in his extra pocket change?  He's never led by example though, so I wouldn't expect him to now (or ever).  Or maybe he views it as a 'you first' type of situation, in which case it solidifies my opinion that he isn't a leader. 

    QuinnMae

    Answer by QuinnMae at 8:04 PM on Apr. 18, 2011

  • That's very possible, QuinnMae. If he really is a leader and really understands that he is in that top 1% and really believes that he doesn't need a tax cut, is he going to refuse his refund?

    Of course, he doesn't have to, and no one will think less of him if he doesn't. That is rightfully his money from overpayment of taxes over the past year. But this would be an excellent time to actually lead, to set an example, to show that he can walk the walk he's been talking.
    May-20

    Answer by May-20 at 8:36 PM on Apr. 18, 2011

  • I saw a ? earlier in Money and Work about this very thing and a person wants to know why they paid 28% while O paid 26%. I couldn't answer it other than "More tax shelters?"
    He does talk about the "rich" as tho they are distasteful, stingy people; it's just more a tone he has than the words he uses.
    ShelbyShareAlot

    Answer by ShelbyShareAlot at 8:31 PM on Apr. 18, 2011

  • The only thoughts I have are why are the Biden's so stingy with their donations to charity?! I KNOW this is par for the course with them, and the MAJORITY of wealthy Democrats...just wondering.

    We gave significantly more than the Biden's and earn significantly less than them.
    LoriKeet

    Answer by LoriKeet at 5:17 PM on Apr. 18, 2011

  • With Obama's degrees and smarts he should have made alot more money.
    He's dumber than I thought, and a relatively Poor president and Poor politician.
    jewjewbee

    Answer by jewjewbee at 8:59 AM on Apr. 19, 2011

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