The Taxman Cometh for the Obamas and Bidens As Well

Apr 15, 2009 5:31pm

ABC News’ Jake Tapper and Karen Travers report:

President and first lady Obama released their 2008 federal income tax returns today.

The Obamas filed their income tax returns jointly and reported an adjusted gross income of $2,656,902, paying $855,323 in federal income taxes and 77,883 in state income taxes.

By clicking on these links, you can see the Obamas’ 1040 form, their 709 form, and their Illinois State Income Tax Return form.

The vast majority of the family’s 2008 income comes from proceeds from the sale of the president’s books, Dreams From My Father and The Audacity of Hope. 

The president and first lady donated $172,050 –- or about 6.5 percent of their adjusted gross income -– to 37 different charities.

The biggest donations were $25,000 contributions to CARE and the United Negro College Fund, but other charities included AIDS Alliance for Children Youth & Families, American Red Cross, Apostolic Church of God, Book Worm Angels, Boys and Girls Club, Bread for the City, Brookland Baptist, Brown A.M.E. Church, Catholic Relief Services, Central Illinois Food Bank, Chicago Coalition for the Homeless, Citizens United for Research in Epilepsy, the president’s alma mater Columbia University, Crusade of Mercy, Direct Relief International, First Lutheran Church, Greater Chicago Food Depository, Haiti Foundation of Hope, Illinois Coalition Against Sexual Assault, Illinois Head Start Association, Illinois Reading Council, Juvenile Diabetes Research Foundation, Martin Luther King National Memorial Project, Midtown Educational Foundation, Mujeres Latinas En Accion, National Coalition for Homeless Veterans, National Congress of Black Women, National MS Society, New Orleans Areas Habitat for Humanity, Ovarian Cancer National Alliance, Rochelle Lee/Boundless Readers, St. Leo’s Residence for Veterans, St. Luke’s united Methodist Church, The Christopher House, United Negro College Fund and United Way of Galveston.

Vice President and Dr. Jill Biden reported an income of $269,256 last year — after taxes that comes to $183,315. They paid $46,952 in federal income taxes and $11,164 in Delaware state income taxes.

Click on the following links to see their federal returns and their Delaware State returns.

The Bidens donated $1,885 to charity, or about 0.7 percent of their adjusted gross income.

Getting ahead of the criticism that may come because of that, the VP’s office says: “The charitable donations claimed by the Bidens on their tax returns are not the sum of their annual contributions to charity. They donate to their church, and they contribute to their favorite causes with their time, as well as their checkbooks.”

Last September, Biden released 10 years of tax returns and reported a total of $3,690 in charitable donations — or 0.2 percent of their income over the decade. Biden campaign spokesman David Wade had a similar response at the time, noting that the Bidens’ donated their time to their favorite charities including ones that support military families and Gulf Coast recovery efforts.

– Jake Tapper and Karen Travers

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