President Barack Obama Pays Taxes

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President Barack Obama made nearly $2.5 million in 2008 from the sales of his two best-selling memoirs, according to tax information released by the White House on Wednesday. President Obama’s books, “Dreams From My Father” and “The Audacity of Hope: Thoughts on Reclaiming the American Dream”, were New York Times best-sellers and have sold hundreds of thousands of copies in the United States and around the world. He and First Lady Michelle Obama paid $855,323 in federal taxes last year. while making $172,050 in charitable contributions to 37 different charities. The largest reported gifts were $25,000 to both the United Negro College Fund and the relief organization CARE.

Their annual household income fluctuated around $250,000 during the first half of this decade, before his election to the U.S. Senate in 2004 and millions in book royalties and advances started rolling in during 2005. Before entering the Senate, Obama signed two book deals worth nearly $2.3 million. He received about $1.2 million of the advance money in 2005, helping the couple afford their purchase that year of a $1.65 million mansion in Chicago’s Kenwood neighborhood. From 1997 through 2004, Obama earned dual paychecks for his work as a state lawmaker and as a lecturer at the University of Chicago Law School.

President Barack Obama Tax Return

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