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Message: 5.63% Federal Tax Rate

5.63% Federal Tax Rate

posted on Apr 16, 2008 06:55PM

No wonder why he thinks the rest of us need to pay more taxes...

Democratic Sen. Barack Obama and his wife, Michelle, made $4.2 million last year as widespread interest in the presidential candidate pushed the sales of his two books.

In tax returns the campaign released Wednesday, the Obamas reported a significant jump in their income from the previous year as profits from the books "Dreams From My Father" and "The Audacity of Hope" accounted for some $4 million. The Obamas paid federal taxes of $1.4 million and donated $240,370 to charity.

Their salaried income was $260,735, which included his $157,102 salary as a U.S. senator and hers of $103,633 as vice president of community and external affairs at the University of Chicago Medical Center.

For part of 2007, Michelle Obama collected a salary for serving on the board of Westchester, Ill.-based TreeHouse Foods Inc., which produces pickles, nondairy powdered creamer and other products. She resigned in May after two years on the board.

The position had generated some complaints because TreeHouse is a supplier to Wal-Mart, and Barack Obama has criticized some of Wal-Mart's policies and treatment of employees.

The Obamas reported $29,443 from Treehouse Foods.

In 2006, Obama and his wife reported income of $991,296. The sum included Obama's Senate salary of $157,082 and his wife's earnings of $273,618 from her position as an administrator at the University of Chicago Medical Center. Michelle Obama also earned $51,200 in director's fees from TreeHouse Inc., a food distributor.

They paid $277,431 in federal taxes — an overpayment of $40,856, which they designated for estimated tax payments this year.

(By comparison, Clinton and her husband, the former president, reported $20.4 million in income for 2007. Almost half the former first couple's money came from Bill Clinton's speeches. The Clintons made nearly $109 million since leaving the White House in 2001, capitalizing on lucrative business ventures and his speaking engagements. ..and I'm sure we'll see the numbers that they paid in taxes reported in the news, oh, about the same time they release Billy's medical records...)

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