Monday 20 November 2017

Obamas earned $5.6m last year

Ryan J Donmoyer in Washington

President Barack Obama and his wife, Michelle, had $5.6m (€4.1m) in total income last year and paid $1.8m (€1.3m) in federal income taxes.

The Obamas' taxable income was $5m after deductions, according to a copy of their 2009 tax form released by the White House yesterday, the deadline for filing tax returns. They paid 32pc of their income in federal taxes and were in the top 35pc tax bracket.

The president didn't claim as income any of the $1.4m awarded with the Nobel Peace Prize he won last year, taking advantage of a tax law that allows such awards to be transferred directly to charity. Obama is the third sitting president to win the Nobel Peace Prize.

The returns include a letter dated April 12 from Marcus Storch, chairman of the Nobel Foundation, that the prize had been donated to 10 charities designated by Mr Obama in March.

Most of Mr Obama's reported income came from his $400,000 presidential salary and $5.6m in gross royalties from his books. In the 2008 tax year, when he was running for president, Mr Obama (48) received $2.5m in royalties from sales of his books 'Dreams from My Father' and 'The Audacity of Hope'.

Private

Separately on their return, the Obamas claimed $515,000 in itemised deductions, including $329,100 donated to charities.

Tax returns are confidential by law but most recent presidents and vice presidents have chosen to make theirs public.

Vice President Joe Biden and his wife, Jill, reported total income of $333,182 for 2009, most of it from his salary. They paid $71,147 in total federal taxes, including $5,829 in alternative minimum taxes.

Irish Independent

Promoted Links

Today's news headlines, directly to your inbox every morning.

Promoted Links

Editors Choice

Also in World News