Obamas report $2.7 million in income for 2008
WASHINGTON – President Barack Obama and his wife, Michelle, millionaires from his best-selling books, made $2.7 million last year and paid just under one-third of their adjusted income in federal taxes. While the income, mostly his, was far more than the U.S. median household income of about $50,000, it was quite a decrease from the $4.2 million the Obamas made in 2007.
The couple's total federal tax came to $855,323. That was 32 percent of their adjusted gross income of $2,656,902.
The Obamas overpaid by $26,014, and elected to apply that amount to their 2009 taxes.
The couple's federal tax deductions included about $50,000 in home mortgage interest. Their expenses also included $47,488 to send their two daughters to the University of Chicago's elementary school.
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WASHINGTON – President Barack Obama and his wife, Michelle, millionaires from his best-selling books, made $2.7 million last year and paid just under one-third of their adjusted income in federal taxes. While the income, mostly his, was far more than the U.S. median household income of about $50,000, it was quite a decrease from the $4.2 million the Obamas made in 2007.
The couple's total federal tax came to $855,323. That was 32 percent of their adjusted gross income of $2,656,902.
The Obamas overpaid by $26,014, and elected to apply that amount to their 2009 taxes.
The couple's federal tax deductions included about $50,000 in home mortgage interest. Their expenses also included $47,488 to send their two daughters to the University of Chicago's elementary school.
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