Finance Globe

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White House Releases Tax Returns of President and Vice President

In an effort to demonstrate President Obama's commitment to openness and transparency, the tax returns of the President and Vice President were released to the public on April 15.

The President and First Lady filed jointly and reported an adjusted gross income of $2,656,902. The vast majority of their 2008 income was from the sale of the President's books, almost $2.5 million.

The Obamas reported donating $172,050 - about 6.5% of their gross income - to 37 different charities. The largest reported gifts to charity were $25,000 contributions to CARE and the United Negro College Fund.

The Obamas paid $855,323 in federal tax. They also paid $77,883 in state taxes to Illinois.

The Vice President and Dr. Jill Biden filed their income taxes jointly, and reported an adjusted gross income of $269,256 and an after-tax income of $183,315. The primary sources of income for the Biden family were salaries from the U.S. Senate, Widener University, Delaware Technical & Community College, and royalties from the audio rights to V.P. Biden's book.

The Bidens paid $46,952 in federal taxes and $11,164 in taxes to the state of Delaware. The White House reported that the Bidens contribute more than the charitable donations claimed on their tax return; they regularly donate to their church, and give their time to their favorite causes.



Source:
The White House
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Thursday, 22 August 2019

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