Obamas’ return shows income drop

WASHINGTON – President Barack Obama is making less money than he used to, though it’s still a lot: He and wife Michelle reported income of $1.73 million last year, mostly from the books he’s written, according to his just-filed tax return. That was down from the $5.5 million of a year earlier.

The president, who has been campaigning to raise taxes on the wealthy, paid the government $453,770 in federal taxes, about a quarter of the income. Just last week, he renewed his push to end Bush-era tax cuts for households with annual incomes above $250,000 – noting that that would include him.

The White House released tax returns for the Obamas and for Vice President Joe Biden and his wife on Monday, the deadline for Americans to file.

The president for the first time drew his full $400,000 salary in 2010, since in 2009 he didn’t start drawing pay until after his inauguration in late January.

Through withholding and estimated tax payments during the year, the Obamas paid $466,104 to the Internal Revenue Service. That was an overpayment, so they are getting a $12,334 refund.

The first family’s adjusted gross income for 2010 was $1.728 million. Their taxable income after deductions was $1.34 million.

The income for both years was mostly driven by royalties from books written earlier by Obama. They included his 1995 memoir “Dreams From My Father” and his 2006 political book, “The Audacity of Hope.” Those were followed by a children’s book last year, “Of Thee I Sing: A Letter to My Daughters.”

The president and first lady donated $245,075 to 36 different charities. The largest was a contribution of $131,075 to the Fisher House Foundation, which supports members of the U.S. armed forces and their families.