There are five basic legal forms of business structures found in the United States: C corporations, S corporations, sole proprietorships, partnerships, and Limited Liability Companies (LLCs). In order to understand...
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- 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.
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