Jae C. Hong/AP
Royalties from President Obama's books continue to give him a sizable income (and tax bill.)
Royalties from President Obama's books continue to give him a sizable income (and tax bill.) Jae C. Hong/AP
One of the best financial moves President Obama ever made continues to be to write his autobiographical books since they made him a wealthy man and continue to provide substantial royalties.
As is the annual ritual, the presidential and vice presidential tax returns were released Monday which was also tax day.
They indicated the bulk of the $1.7 million in income President Obama and First Lady Michelle Obama received in 2010 was from his best-selling books.
The president's 1040 received $395,188 from his present job. That was still shy of the first couple's total tax liability which was $453,770.
Still, the Obamas can't complain since it was his becoming president that kept the cha-chings going on all those Obama books .
They actually overpaid and were due a refund of $12,334 but decided to apply that to 2011's taxes.
The Obama's tax liability gave them an effective federal income tax rate of 26.3 percent. The top tax bracket is 35 percent but they were able to knock that down through $373,289 in itemized deductions.
Much of those deductions came from the $245,075 the Obama's reported giving to charity, or 14.2 percent of their income. The largest single donation was $131,075 which they gave to Fisher House Foundation.
That non-profit provides temporary housing for families visiting their wounded, hospitalized, wounded service members
Vice President Biden and Jill, his wife, still made big money relative to most Americans though only a fraction of what the Obamas made.
Their adjusted gross income was $379,178 with $67,038 in itemized deductions. Their tax liability was $86,626, giving the Bidens a 22.8 percent effective federal income tax rate.
They reported giving $5,350 to charity, or a little more than one percent of their adjusted gross income, a level of giving that will no doubt subject Biden to criticism.