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India On Media |
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| Politics
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| Obamas' income drops by two thirds |
| Obamas' income drops by two thirds
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| UNITED STATES OF AMERICA
, 19-April-2011
4:40:31 AM |
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The annual income of the US President Barack Obama and his wife Michelle has dropped by more than two-thirds to USD 1.73 in 2010 as against USD 5.5 million in 2009, the White House has said.
Obama and the First Lady filed their income tax return jointly and reported an adjusted gross income of USD 1,728,096, White House Press Secretary Jay Carney said in a blog posting on Monday, the last day of filing the tax returns for the year 2010.
"The vast majority of the family's income is the proceeds from the sale of the President's books. The Obamas paid USD 4,53,770 in total federal tax," he said.
The family also reported donating USD 2,45,075 -- or about 14.2 per cent of their adjusted gross income -- to 36 different charities. The largest reported gift to charity was a USD 1,31,075 contribution to the Fisher House Foundation.
Carney said that the President is donating the after-tax proceeds from his children's book to a Fisher House scholarship fund for children of fallen and disabled soldiers.
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