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The Campaign Spot

Election-driven news and views . . . by Jim Geraghty.

Rough Financial Year, Huh, Mr. President?



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Today’s hopefully PG-13 edition of the Morning Jolt, a look at a suprising veto in Arizona, the new analysis from Standard & Poors, but also, with Obama’s adjusted gross income dropping dramatically last year, now even he can see what he’s done to the economy:

Obama Finally Gets in Touch With Average American, Sees Annual Income Drop Dramatically

Fox News adds up the numbers: “President Obama and first lady Michelle Obama filed joint 2010 tax returns and reported an adjusted gross income of $1,728,096. Most of the income came from the president’s books, with his most recent one being a children’s book titled “Of Thee I Sing.” The White House released details of their returns Monday afternoon, which is an adjusted tax day due to a D.C. holiday. So just how much did they have to pay in federal taxes? The grand total is $453,770. They also paid $51,568 to Illinois in state taxes. Their refund totaled $12,334. The first couple gave $245,075 to charity to 36 different charities including $131,075 to the Fisher House Foundation, which created a scholarship fund for kids of fallen and disabled soldiers. Their charitable contributions are about 14 percent of their income. Details of the Vice President and Dr. Jill Biden’s returns were also released. The White House says they filed jointly on federal and Delaware ones and Dr. Biden did a non-resident tax one in Virginia. Their adjusted gross income was $379,178 and they paid $86,626 in federal taxes. For state income taxes, they paid $14, 479 to Delaware and $3,515 to Virginia. The couple gave $5,250 to charity. The Bidens did not get a refund, and owed $7,180.”

ABC News notes that the Bidens donated clothes: “The Bidens contributed $5,350 to charity, in both monetary and in-kind donations, the White House says. Of that “clothing and household goods” were donated to the Goodwill of Delaware, $1,400 to the scholarship fund at the YMCA, and $1,000 to the Westminster Presbyterian Church.”

Well into their story, the New York Times notes that this year’s totals are significantly lower than last year’s: “[The Obamas’] $1.7 million adjusted gross income was down from $5.5 million in 2009 and $2.7 million in 2008. In those years, too, royalties from his first two books accounted for the bulk of the earnings.

William Teach at Pirate’s Cove has a bit of criticism and a bit of praise for the president: “The federal tax rate in 2000 for the top earners was 39.6%, and 2001 was 39.1%. 2002 was 38.6%, which is what Obama wants to roll the rates back to, though most on the $200/$250 tax bracket was 35%. Yet, he didn’t even pay that. Apparently, he takes advantage of all those evil tax deductions. I guess he doesn’t want to pay his “fair share.” I will give him props for his charitable donations, though. $245k, much going to charities for the military families of those wounded or killed. Kudos, President Obama!”

I wonder if Biden donated sleepwear.


Tags: Barack Obama , Joe Biden


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