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Obamas Earn $5.5 Million Last Year, Pay $1.8 Million in Taxes

15 April 2010 22:36 (UTC +04:00)

Baku-APA. The president and the first lady earned an income of $5,505,409 in 2009 and paid $1,792,414 in federal income tax last year, according to the Obamas’ tax returns released today by the White House, APA reports quoting blogs.abcnews.com web-page .

The Obamas joint tax filing shows that the majority of the familyâ€™s income was from proceeds from the same of the Presidentâ€™s books â€œThe Audacity of Hope,â€ and â€œDreams from My Father.â€

The Obamas last year donated $329,100 to 40 different charities. The largest personal donation was $50,000 to CARE and the United Negro College Fund. The smallest donation, $150, went to Crusade of Mercy, an organized community health and social service resource in Chicago. The Obamas donated $5,000 to the Haiti Foundation of Hope. They also donated $250 to St. Johns Church and $200 to 19th Street Baptist Church in D.C., both churches which the Obamas attended this past year in Washington, D.C.

Mr. Obamaâ€™s $1.4 million award from winning the Nobel Peace Prize was also donated to charities â€“ split among ten.

â€œThe Internal Revenue Code provides that if the recipient of the Nobel Prize directs the Nobel Committee to donate the prize income directly to charity, as the President did, the recipient does not have to recognize the prize as income on his federal income tax return,â€ Norm Eisen, Special Counsel to the President for Ethics and Government Reform, explained on the White House website.

The Obamas paid $163,303 in Illinois income taxes.

Vice President Biden and his wife, Jill Bidenâ€™s tax returns reported an adjusted gross income of $333,182, paying $71,147 in federal income taxes for 2009. They paid $12,420 in Delaware income taxes and $1,477 in Virginia income taxes. The Bidens contributed $4,820 to charity, in both monetary and in-kind donations, the White House says.

The White House released each coupleâ€™s tax returns on the White House website this afternoon.