Barack and Michelle Obama released their tax returns this afternoon, proving what we all already knew: Obama’s books sell well. The first couple made about $2.7 million in 2008 from all sources, almost all of which came from the books. They paid $855,323 in federal taxes.
But here’s what you (and all the tea drinkers) really want to know: What would the Obamas have paid under the president’s own tax plan, which calls for an increase in federal income taxes for wealthy families? Bob McIntyre, the tax whiz over at Citizens for Tax Justice, was good enough to run the numbers. He reports, via email:
In sum, if Obama’s proposed tax changes had been in effect in 2008, the Obamas would have paid an additional $148,000 in federal income tax. That’s 19% more than they actually paid. Their effective tax rate would have risen from the actual 28.7% to 34.1%.
Now with that trivia out of the way, here are some highlights from the filings:
Income from U.S. Senate Salary (Barack): $139,204
Income from University of Chicago Hospitals Salary (Michelle): $62,709
Other Income From Random House (books): $1,090,515
Other Income From Dystel & Goderich (literary management/books): $1,512,933
Total Book Income: $2,603,448
Portion of Income (book) Coming From Foreign Sources: $148,581
Payments for Household Help: $12,480
Charitable Donations: $172,050
Biggest Donations (of $25,000 each): CARE and United Negro College Fund
Gave $5,000 Donations to 21 groups, including the AIDS Alliance for Children Youth and Families; Citizens United For Research In Epilepsy; Mujeres Latinas En Accion; National Coalition for Homeless Veterans; New Orleans Area Habitat for Humanity; and the Illinois Coalition Against Sexual Assault.
Tuition/Book/Lab fees paid for Malia’s schooling (at Univ. of Chicago): $24,317
Tuition/Book/Lab fees paid for Sasha’s schooling (at Univ. of Chicago): $23,171
To see the full tax returns as pdf. files, click here.