The First and Second Families released their income taxes.
President Obama and his wife, Michelle, reported income of $1.728 million for last year. In an ironic twist, the Obamas paid their taxes at the lowered Bush-era rates. They paid federal taxes totaling $453,770 after receiving a $12,334 refund. The Obama,s generously reported donating $245,075 to 36 different charities.
The adjusted gross income for of $1.728 million was down from last year’s $5.5 mill which included book royalties.
My fellow Illinoisans feeling the pinch will be happy to know that the first family paid $51,568 in state income taxes. Their Ill. taxes were not posted with the Fed. taxes, meaning there is no word on how much they forked over on the new “Amazon Law” here in Ill. asking for taxes on internet sales. We actually had a spot on our Ill 1040’s asking for a minimum amount to cover past taxes that SHOULD have been paid on internet purchases.
The Vice President and wife, Dr. Jill Biden, filed joint federal and Delaware income tax returns. Together, they reported an adjusted gross income of $379,178 and paid $86,626 in total federal taxes for 2010. They paid $14,479 in Delaware income taxes and $3,515 in Virginia income taxes. The Bidens contributed $5,350 to charity.
I read somewhere that 45% of households, or about 69 million, will end up owing nothing in federal income tax, according to estimates by the nonpartisan Tax Policy Center.
I’m just glad it’s over. For now.