by John McCormick
Has the Obama brand peaked?
While running for president wasn't putting a pinch on Barack Obama's pocketbook, his total household income dropped to $2.7 million in 2008, down from $4.2 million the previous year.
While many Americans had a bad financial year, the president recorded a net profit from book sales of $2.5 million, according to a copy of the president's 2008 tax return released this afternoon by the White House.
He and First Lady Michelle Obama paid $855,323 in federal taxes last year. while making $172,050 in charitable contributions to 37 different charities. The largest reported gifts were $25,000 to both the United Negro College Fund and the relief organization CARE.
"The president sold a lot of books last year, no doubt, and paid a hefty amount in federal income tax," White House Press Secretary Robert Gibbs said.
As president, Obama now is paid $400,000 a year.
Read more below, and see Obama's tax return here: Obama's tax return.pdf
Vice President Joe Biden and Jill Biden today reported adjusted gross income of $269,256 from salaries from the U.S Senate, Widener University and Delaware Technical & Community College and royalties from the audio rights to the vice president's book.
They paid $46,952 in federal income taxes: Biden's tax return.pdf
A year ago, then-President George W. Bush reported taxable income of $719,274 for the 2007 tax year. He and Laura Bush paid $221,635 in federal income taxes that year.
The Obamas contributed $6 in 2008 to the federal fund that provides public financing of presidential campaigns, a program the Democratic nominee bypassed himself because of his record-breaking fundraising success and desire to avoid spending limits.
The first family's personal wealth has soared over the past few years, following the same trajectory of Obama's amazingly rapid political rise.
Their annual household income fluctuated around $250,000 during the first half of this decade, before his election to the U.S. Senate in 2004 and millions in book royalties and advances started rolling in during 2005.
Before entering the Senate, Obama signed two book deals worth nearly $2.3 million. He received about $1.2 million of the advance money in 2005, helping the couple afford their purchase that year of a $1.65 million mansion in Chicago's Kenwood neighborhood.
From 1997 through 2004, Obama earned dual paychecks for his work as a state lawmaker and as a lecturer at the University of Chicago Law School.
Over the same period, Michelle Obama worked first for the University of Chicago and then for the University of Chicago Hospitals. Their household income was also augmented in most years by thousands of dollars that her husband earned from practicing law, giving speeches or serving as a director of charitable foundations.
The Obamas have only recently dug deeply into their own pockets to support charitable causes. In 2002, the year before Obama launched his U.S. Senate campaign, the couple reported income of $259,394 and $1,050 in deductions for gifts to charity, below the national average of $1,872.
Comments
So glad we dont have those "rich Texans" in the White House anymore. Now we have every day, run of the mill Chicago folks.
Posted by: Amber M | April 15, 2009 5:45 PM
I'm shocked, SHOCKED, to learn that Barack "Man of the People" Obama is a member of the privileged class after all. In the words of George Hamilton in "Zorro the Gay Blade," I feel so deceive-ed.
Posted by: The Enemy | April 15, 2009 6:20 PM
What in the world is wrong with
some people? You make it sound like he's not fit to be President because he has EARNED money. The President did not inherit his money he has worked for it just as his wife Michelle has done. Thatis what people are suppose to do. Go to schoo get educated master your profession and earn money
Posted by: LADYROSE | April 15, 2009 7:04 PM
Yup! Born with silver spoons in their mouths. Never worked a day in their lives. Just coasted on their parents wealth and influence.
Posted by: hoo-boy | April 15, 2009 7:26 PM
Look at the Biden's return. They didn't even make 1% charitable contributions. I guess they do expect government to help others.
Posted by: The Taxed | April 15, 2009 7:52 PM
I'm not a tax expert (but know more than most here),
Why are their no tax prepartion fees?
Why doesn't BO pay any Alternative Minimum Tax?
Posted by: Terry | April 15, 2009 7:54 PM
originally i was bothered by who much the president made during this period of crisis but then i read LADYROSE's comment and agree. these are two individuals who weren't handed anything. good for them
Posted by: ramon | April 15, 2009 8:11 PM
Forgot to wish all the loons out there a Happy Holiday today.
Posted by: Terry | April 15, 2009 8:22 PM
B.O. makes money good. CEOs make money bad?
Posted by: Confused | April 15, 2009 8:55 PM
Im not worried about Obama's taxes. I am worried about the 'honest mistakes' that Geither and all of his cabinet made this year... Those tax codes are tough on the rich!
Posted by: City Guy | April 15, 2009 9:37 PM
How disgusting. Back in 2002, BO made about $260 K and donated a paltry $1K to charity. For God's sake, we make $88K last year and donated almost $4K! But he has no problem spending our money. He is very generous with money, unless it's his, of course. Has this 'Christian' never heard of tithing? Gross. And I looked up as much as I could on 2007 for both Obama and Bush. Obama donated 6.3% of his income to charity. Bush 23%!
Posted by: dawn ziggie | April 15, 2009 9:48 PM
Barack Obama earned his money. He didn't inherit it. He did exactly what he's encouraging the young people of this country to do: to get an education and work your way from the bottom up. If you want it, work for it, earn it.
Posted by: E C | April 15, 2009 10:05 PM
Were not handed anything? Does Tony Resko ring a bell? Or Barack sponsoring bill to send $2 million dollars of taxpayers money to U of C hospital and Michelle gets a 300% raise a month later. Sure they've earned it.
Posted by: edword | April 15, 2009 10:13 PM
po terry, just got done doin' everyone's taxes and needs to vent.
maybe a vaca is in order.
you ain't much of a speller either.
Posted by: crud | April 15, 2009 10:13 PM
Politicians should have a cap on their income--both while in office, and when out of office. They are so quick to point the finger at all of these wealthy CEOs, bankers, consultants, etc...yet, they all do the same exact thing--with your and my tax money! If you want to become a public SERVANT, then you should do just that--serve the people. You shouldn't be able to cash in on your celebrity or contacts for "serving the people". What a crooked bunch of folks in DC--and Obama is just like the rest of them.
Posted by: John | April 15, 2009 10:58 PM
Regarding book sales:
It is well-known in BOTH parties that the party buys the books in bulk.
So republicans buy republicans' books.
And some democrat donor bought Obama's books.
Why do you think they "write" the books.
Posted by: book buyer | April 15, 2009 11:01 PM
Read the story, dawn ziggie. He gave $172,000 to charity. So stop your stupid whining.
Posted by: mort | April 15, 2009 11:13 PM
I don't care what he made or what he gave. He earned his money like everyone and charity is a choice. I have a serious problem with how he spends other American's money. The tax system has pushed as far as it can when $250k earned equals $50k++ paid and $50k earned pays $5k. I also find it disturbing that we have a bunch of tax cheats (other than Barack) in the white house today.
Posted by: Jeff | April 15, 2009 11:22 PM
Of course his income fell in 2008. Better to declare less taxable income than to get caught not paying taxes on income like his appointees.
Posted by: ed | April 15, 2009 11:48 PM
Yup! Born with silver spoons in their mouths. Never worked a day in their lives. Just coasted on their parents wealth and influence.
Yeah- nothing like Bush or other rich conservatives, is it?
Posted by: Disgusted | April 16, 2009 1:54 AM
"What in the world is wrong with
some people? You make it sound like he's not fit to be President because he has EARNED money. The President did not inherit his money he has worked for it just as his wife Michelle has done. Thatis what people are suppose to do. Go to schoo get educated master your profession and earn money"
That's what conservatives have been saying for years. But leftists insist that the rich are "privileged," or in the famous words of Dick Gephardt, "winners of life's lottery." This is the premise behind the left's never-ending class warfare and "soak the rich" mentality. But now that the rich, privileged ones happen to wear YOUR political stripes, now all of a sudden members of the left "get it" and spring to his defense and say "but, but, they WORKED for it and EARNED it!"
I'd call it hypocrisy, but I'm just so tickled the left finally understands and acknowledges the intellectual vacuity of its decades of class warfare that I'm going to say "welcome aboard" instead.
Posted by: Seamus | April 16, 2009 2:49 AM
Damned if you do, damned if you don't. I believe there is a faction that no matter what the Obama's or Biden's say or do or claim on their taxes or what kind of puppy they got for their girls or that they even have children and OMG Michelle has arms! SOMEONE will have a problem with it. They are not happy unless they are angry and can complain.
Posted by: lochnessmonster | April 16, 2009 7:05 AM
Here is Michelle Obama's salary history at UofC overlayed with Barack's career. Anyone see a pattern?
http://directorblue.blogspot.com/2009/01/chart-michelle-obamas-salary.html
Posted by: Alz | April 16, 2009 7:42 AM
I liked his 2007 return better because it showed that do nothing position the University of Chicago made up for Michelle that paid $300,000.00.
Posted by: Denny Crane | April 16, 2009 8:55 AM
- Out with the hated old rich Texan Capitalists
- In with the benevolent Nouveau Riche Illinoisan Socialists
This is how it is done, Amerika. And I DO like the dog.
Posted by: Django - N Exile somewhere in/around the 30th Parallel | April 16, 2009 9:12 AM
Pour guy I know how he feels. Being laid off a year now, my income droped as well to about $390/week. I don't know how he will get by on $400,000/ year with all expenses paid by us. Oh wait! he still has half a billion dollars in campaign contributions.
Posted by: John F. | April 16, 2009 9:32 AM
I think that everyone who wanted copies of his fictional best sellers, have them.
Now he will be stuck with an adjusted income of about $600,000 per year and a $100,000,000 per year expense account.
Posted by: Greg | April 16, 2009 9:47 AM
Why the deceptive headline ? To cushion readers from the reality that the Obamas are NOT "of the people" but of the very, very rich " elites.
But the kind of elites that fly pizza chefs from ST. Louis to Washington - at taxpayers' expense I suspect.
The Chicago way with a touch of Washington demagoguery.
Posted by: floyd | April 16, 2009 10:20 AM
Why the deceptive headline ? To cushion readers from the reality that the Obamas are NOT "of the people" but of the very, very rich " elites.
But the kind of elites that fly pizza chefs from ST. Louis to Washington - at taxpayers' expense I suspect.
The Chicago way with a touch of Washington demagoguery.
Posted by: floyd | April 16, 2009 10:20 AM
Seamus, you've explained well what the conservative values stand for (working for your wealth). But that's not the kind of people or philosophy we saw for the last so many years, and even today. Class warfare is being conducted by the rich towards everyone else because greed has replaced whatever values today's "conservatives" stand for.
Posted by: Roger | April 16, 2009 11:58 AM
I like one main charity is to an organization that hands out cash to dark skin people only. That is called "charity". If it were a white skin hand out, it is called "racist".
Posted by: BDD | April 16, 2009 12:20 PM
People have Obama fever! Who really cares what this guy makes, or what his wife wears, or what school his kids go to, or that he bowed to some towel-head Saudi guy....what-ever!
Posted by: flossmore | April 16, 2009 12:34 PM
Congratulation for dearest Barack where his 2 books still earns royalty and Joe for making transparent their 2008 respective 43 and 18 page of PDF tax return
and for Barack to re-consider the pre-sent complex tax system with too many deductions for the rich
http://www.topix.net/forum/source/chicago-tribune/TVPMD64LHGIR2OJ2L/post2
Posted by: unconditional george | April 16, 2009 2:06 PM
Democrats attack Republicans for being rich.
Republicans vainly attempt to defend the concept of wealth and the accumulation of wealth.
The Ruling Class, Democrat or Republican, are ALL rich, if anyone would bother to notice.
I think that they have us exactly where they want us,
Amerika.
Posted by: Django - N Exile somewhere in/around the 30th Parallel | April 16, 2009 2:29 PM
Turd,
Did you take your McDonald's W-2 down to Jackson Hewitt this year?
Posted by: Terry | April 17, 2009 6:37 AM