Obama Releases Tax Return: Earned $4.2 Million

By Jeralyn, Section Elections 2008
Posted on Wed Apr 16, 2008 at 06:22:00 PM EST
Tags: Barack Obama, 2008 (all tags)

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Barack Obama released his tax return today. He earned $4.2 million.

In tax returns the campaign released Wednesday, the Obamas reported a significant jump in their income from the previous year as profits from the books "Dreams From My Father" and "The Audacity of Hope" accounted for some $4 million. The Obamas paid federal taxes of $1.4 million and donated $240,370 to charity.

Their salaried income was $260,735, which include his $157,102 salary as a U.S. senator and hers of $103,633 as vice president of community and external affairs at the University of Chicago Medical Center.

In 2006, the Obamas earned $991,296.

The sum included Obama's Senate salary of $157,082 and his wife's earnings of $273,618 from her position as an administrator at the University of Chicago Medical Center. Michelle Obama also earned $51,200 in director's fees from TreeHouse Inc., a food distributor.

What we have: two candidates who made millions from book deals. Good for both of them, I don't begrudge either their good fortune. And for both, let's face it, fortune or at least celebrity has a lot to do with it.

More...

Obama's books have been out for years, but 2007 is the year it earned beaucoup bucks -- meaning his newfound national celebrity status drove people to buy the book.

Hillary has had celebrity status for years, and it undoubtedly was a factor in the advances and royalties she received for her books.

So, two political celebrities garner multi-million dollar earnings for writing a couple of books each. Life in America, ain't it grand? Actually, I think it is.

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Obama Releases Tax Return: Earned $4.2 Million | 17 comments (17 topical)

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Now (5.00 / 1) (#1)
by cmugirl on Wed Apr 16, 2008 at 06:18:46 PM EST

If we could just get those darned returns from the 1990's..... </snark>

Well I'm just relieved he can finally pay off (5.00 / 1) (#2)
by Teresa on Wed Apr 16, 2008 at 06:29:33 PM EST

those awful student loans.

It's kind of hard to argue that you're just an average person when you know at the time you've made that much money.

Now that I sound like an Obama supporter dissing Hillary for her money, I'll shut up.

Wasn't Michelle complaining about (5.00 / 1) (#11)
by Joan in VA on Wed Apr 16, 2008 at 07:08:17 PM EST

the cost of the girls' lessons? Their teachers must be the best in the world or something.

Huffingtonpost are idiots (5.00 / 1) (#13)
by Maise7 on Wed Apr 16, 2008 at 07:50:58 PM EST

They posted this story and compared his 2007 return to Hillary and Bill's 2000-2006 return. Saying, idiotically, that Hillary has made much more than Obama. How more disingenuous and dishonest can they get?

If they want to be fair (5.00 / 1) (#15)
by Fabian on Thu Apr 17, 2008 at 02:20:29 AM EST

they should compare Clinton's tax returns from when she was the same age. Earning power tends to go up over the years.


: And After He Is President (none / 0) (#17)
by squeaky on Thu Apr 17, 2008 at 10:54:12 AM EST

snark

I Think It Is (5.00 / 1) (#14)
by squeaky on Wed Apr 16, 2008 at 08:49:02 PM EST

OK to cash in on celebrity status, it is a commodity. If others are making money off of a celebrity, the celebrity should also be entitled to, at the very least.

Thank God (5.00 / 1) (#16)
by allpeopleunite on Thu Apr 17, 2008 at 07:22:17 AM EST

Thank God he finally released his tax records and all his minions can see that he, just like McCain and Hilary, is a rich, ruling class representative who has made a fortune on the back of the political system

Wait a second (none / 0) (#3)
by Edgar08 on Wed Apr 16, 2008 at 06:35:54 PM EST

How much income tax did the Clinton's pay?

$33 million (none / 0) (#4)
by cmugirl on Wed Apr 16, 2008 at 06:37:59 PM EST

or so.


Which was what percentage (none / 0) (#5)
by Edgar08 on Wed Apr 16, 2008 at 06:39:41 PM EST

Of their income?


Almost a third (none / 0) (#6)
by BDB on Wed Apr 16, 2008 at 06:41:52 PM EST

It was significantly more than folks in their income range normally pay (which was around 20%). I remember because I was angry that so many in Clinton's peer group pay a lower tax rate than I do. The Clintons, however, did not and I appreciate that, although it does make me wonder about the competency of their accountants. ;-)


They chose to pay the higher tax (5.00 / 1) (#9)
by nycstray on Wed Apr 16, 2008 at 06:53:21 PM EST

walking the walk ;)


You know Hillary would be demonized.... (5.00 / 1) (#10)
by ineedalife on Wed Apr 16, 2008 at 07:00:33 PM EST

non-stop if she used any tax loop holes.


: You know Hillary would be demonized.... (5.00 / 1) (#12)
by pluege on Wed Apr 16, 2008 at 07:47:24 PM EST

if she did NOT use tax loop holes.
use loop holes, don't use loop holes. Doesn't really matter what she does now does it. Whatever it is, she must be criticized for it - its the repugliobamacan wingnut way.

Are all these books being read? (none / 0) (#7)
by catfish on Wed Apr 16, 2008 at 06:42:49 PM EST

I'm almost finished with Hillary's book.

But still. Where are all these books going? Individual readers? Find that hard to believe.

: That is a lot of books (5.00 / 1) (#8)
by dianem on Wed Apr 16, 2008 at 06:45:08 PM EST

I don't suppose that anybody would be generous enough to buy a bunch of Obama books and distribute them to readers out of the kindness of their hearts. It would make an interesting not-in-kind donation to his campaign.