Obamas taxed 26 percent on their $1.7 million income in 2010

By Sahil Kapur
Monday, April 18, 2011 16:06 EDT
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President Barack Obama and First Lady Michelle earned $1.728 million in 2010 and paid about a quarter of it in taxes, according to their federal tax return released Monday.

Their total tax bill came to $453,770. The bulk of their earnings, $1.383 million, came from Obama’s book sales. They reported donating $245,075 to three dozen charities last year.

Obama paid the lower Bush-era rates for high income earners, which he unsuccessfully fought to let expire last December. He has promised to let them end as scheduled starting in 2013.

Last year, the Obamas reported much higher earnings of $5.5 million, also mostly from book royalties.

Vice President Joe Biden and his wife, Jill, also put out their 2010 tax return. They earned $379,178.

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