NEW YORK (CNNMoney) — President Obama and the first family saw their income drop by almost $1 million in 2011 as sales from his best-selling books slowed.
The Obama family, in tax returns released Friday by the White House, reported an adjusted gross income of $789,674 for 2011, down from $1,728,096 in the previous year. The family income topped $5.5 million in 2009.
Jay Carney, the White House press secretary, noted in a statement that Obama’s 2011 effective federal income tax rate is 20.5%, and that the president’s own policies would result in higher taxes for the Obama family.
The president earns a salary of $400,000 for his day job. His total earnings are much higher because his books –
“Dreams From My Father,” and “The Audacity of Hope”
– continue to attract buyers.
The Obamas reported paying $162,074 in federal taxes. They donated $172,130, or 22% of their income, to 39 different charities.
Obama is donating the proceeds from his latest book, “Of Thee I Sing,” to a Fisher House scholarship fund for children of fallen and disabled soldiers. This year, the contribution was $117,130.
Vice President Joe Biden and his wife Jill reported income of $379,035, but gave only $5,540 — or 1.4% — to charity.
I don’t think his income paints the picture of how the Obama’s are living cause they probably never pay for anything.