Majority of income is from proceeds from the sale of the president’s books.
The Obamas reported an income of $1,728,096 for 2010, according to tax returns that were posted on the White House website Monday. They paid $453,770 in total federal taxes.
The majority of the family’s income is from the proceeds of the sale of the president’s books.
The president and first lady also reported donating $245,075—or about 14.2 percent of their adjusted gross income — to 36 different charities.
The largest reported charitable gift was $131,075 to the Fisher House Foundation. President Obama is donating the after-tax proceeds from his children’s book to a Fisher House scholarship fund for children of fallen and disabled soldiers.
The president and first lady also released their Illinois income tax return and reported paying $51,568 in state income taxes.