President Obama's 2010 Tax Returns Released
While wannabe Republican presidential candidate Donald Trump is still fat-mouthing about how much richer than Mitt Romney he is, yet refusing to reveal his net worth until he officially declares his presidential bid, President Barack Obama has released his 2010 tax returns.
EURweb is reporting that the tax returns show he and first lady Michelle Obama filed jointly reported an adjusted gross income of $1,728,096, according to a White House press release.
The couple paid $453,770 in total federal tax and $51,568 to Illinois in state income taxes. The majority of their income came from sales of the president's books, the White House states.
Among their expenditures during the year: $245,075 in donations. While their largest charitable gift was $131,075 to the Fisher House Foundation, they gave to a total of 36 charities. This is a far cry from the $5.5 million the Obamas made in 2009.
The Bidens also released the contents of their tax return on Monday. Vice President Joe Biden and his wife, Dr. Jill Biden, reported an adjusted gross income of $379,178 -- and paid $86,626 in total federal taxes for 2010.
How refreshing that the president is putting his money where his mouth is. Not only is he giving to charity, but he is also willing to do what he is asking wealthy Americans to do: Pay more taxes because they make more money.
Read more at EURweb.