Imagine running a small business and being assessed a penalty by the IRS. Then imagine being told by the IRS that the only way to avoid the penalty is to commit a serious felony, laundering money. This Kafkaesque...
- The Tax Policy Blog
- Obamas and Bidens Release 2010 Tax Returns
Obamas and Bidens Release 2010 Tax Returns
The presidential salary and ongoing book sales ("The Dreams of My Father," 1995, and "The Audacity of Hope," 2006) resulted in a 2010 income for President and Mrs. Obama of $1.728 million, on which they paid $453,770 in federal income taxes (about a 26% effective income tax rate). Another $51,568 was paid to Illinois in state income taxes. The Obamas donated $245,075, or about 14% of their income, to charity (up from 6% last year). The $1.728 million income number compares to $5.5 million the year before. The Obamas received a $12,334 refund.
Vice President and Mrs. Biden earned $379,178, on which they paid $86,626 in federal income taxes (23% effective rate) and another $14,479 to Delaware and $3,515 to Virginia. Mrs. Biden teaches in Virginia. The couple contributed $5,360 to charity, including just under $1,000 in clothing and household goods to Goodwill. The Bidens owe $7,180 (that pesky AMT!), and waited until April 14 to file.
No word on whether either pitched in with a voluntary contribution to reduce the public debt.
Subscribe to the Tax Foundation Newsletter
We will never sell or share your information with third parties.
Join the Tax Foundation's fight for sound tax policy Go
About the Tax Policy Blog
The Tax Policy Blog is the official blog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.