President Obama and his wife, Michelle, made $2.73 million last year and paid $855,323 in federal taxes, an amount that would increase by $102,000 if his budget plan were in effect.
Though the income was far more than the U.S. median household income of about $50,000, it was less than the $4.2 million they made in 2007. Nearly all of it came for his best-selling books Dreams from My Father and The Audacity of Hope.
The president has dismissed Republican calls to extend tax reductions for top earners enacted under former President George W. Bush that is set to expire in 2011. He wants to revert the tax rates from 33%-35% to 36%-39.6% for the wealthiest 2 percent of Americans.
We need to end the tax breaks for the wealthiest 2% of Americans, so that persons like me are paying the same rates, he said in a speech yesterday.
If his budget plan were in effect, that would add up to $102,000 more in federal taxes for his family based on this year's returns. Obama said he is prepared to pay an additional amount.
Tax returns are confidential by law, but most recent presidents and vice presidents have chosen to make theirs public.
The Obamas reported giving $172,050 to 37 charities, or about 6.5% of their adjusted gross income, according to a summary provided with their tax documents.
They also give a total of $1400 to five churches.
The Obama's total Illinois tax was $78,765, their state return showed.