Obamas Open Tax Returns, Earned Nearly $1M in 2006
Barack and Michelle Obama earned close to $1 million in 2006, paid more than $318,000 in taxes and got a $40,000 refund, according to the couple’s tax return released by the Democratic presidential candidate’s campaign on Tuesday.
The Obamas owed the government $277,000 after itemized deductions, which included $60,449 in mortgage interest and $60,307 in charitable contributions.
The Obamas are on vacation in the U.S. Virgin Islands, returning to the mainland on Wednesday. In issuing the returns from 2000-2006, the campaign on Tuesday laid down the gauntlet for Clinton, who said Tuesday she will likely release her records within the next week. The Pennsylvania primary is on April 22.
“I am pleased that Senator Obama has released his tax returns. I think that’s a good first step. Now he should release his records from being in the state senate and any other information that the public and the press need to know from his prior experience, because I think that, you know, we should continue to make available the information that we have,” she said in a press conference.
Obama’s campaign called any effort to demand more from the Illinois senator audacious.
“Senator Clinton can’t claim to be vetted until she allows the public the opportunity to see her finances—particularly with respect to any investment in tax shelters,” Obama Communications Director Robert Gibbs said in a statement.
Gibbs later told reporters he doesn’t know what “glass house” Clinton advisers live in, but it takes “audacity” to ask for more documents when the Obama camp, news organizations and voters are “waiting with baited breath” for Clinton’s returns.
The Obamas earned a combined $430,700 in salary, and more than $506,000 in income from Barack Obama’s book sales in 2006. The Illinois senator’s second book, “The Audacity of Hope,” flew to the top of The New York Times bestseller list after its release in October 2006.
In 2005, Obama made $1.2 million from the 2004 re-release of his first book, “Dreams From My Father,” which was first published in 1995 but found new interest following Obama’s widely-praised appearance at the 2004 Democratic National Convention. In all, the Obamas declared $1.67 million in adjusted gross income in 2005, itemized $112,000 in deductions, including $77,000 in charitable deductions, $5,000 of which went to the Obamas’ church, Trinity United, whose reverend has made news lately for his anti-American sermons.
The couple paid more than $114,000 in taxes in 2005 and ended up owing $430,000.
In addition to more than $300,000 in income from her job as a vice president of community and external affairs at the University of Chicago Medical Center, in 2006 Michelle Obama also earned $51,200 in 2000 from serving on the board of directors of TreeHouse Foods, which provides products and services to the private label and food service industries. She resigned from the board in May 2007, citing too many demands on her time.
Between 2000 and 2004, the Obamas adjusted gross income was between $207,000 and just over $275,000 per year.
In 2006, Forbes magazine listed 2004 Democratic presidential candidate Sen. John Kerry as the richest member of Congress, with a personal wealth of $750 million, primarily from holdings belonging to his wife Teresa Heinz Kerry. The Center for Responsive Politics did not list Obama in the top 25 wealthiest senators in2006, awarding the No. 25 spot to Republican Sen. Mitch McConnell of Kentucky, with a minimum net worth listed as $2.25 million. Obama rival Hillary Clinton was listed at No. 9 with a minimum net worth estimated at $10.3 million.
I heard Michelle Obama had a huge pay increase when her husband was elected to the Senate, due to her significant increased value to the hospital board… wow and her husband having ties in DC, what a coincidence!! Wonder if those tax returns look any different from before he was elected…
I too would love to see more on the Rezko funding and property deals with the Obama’s…
I don’t care if Hillary and Bill made $50Million after they left office, many large public figures do from books and public speaking fees, very common since Gerald Ford.
No issue what-so-ever, and Obama should try not to portray his own life as anything but priveleged - that clown went to exclusive private schools in Hawaii (Punahoa?) and ivy league colleges… Obama don;t ever try to equate yourself with poor or hardworking blue collar workers, you were a lot more priveleged, you can’t walk the walk, no matter how poetic your sermons on hope are.
Too bad Obama can’t claim all that money he had to give to charity, that Rezco donated to his campaign. That would have been a huge write-off
And Michelle Obama is finally proud of her country.
Once again Obama is trying to get the media off of his case. With the Rev Wright attention, trying to turn it towards Clinton. This calls for the old saying. “Why can’t we all just get along” If we truly were trying to be a mature person. We would stop fighting in our own parties and unite.
Wow.
This is actually isn’t bad.
Heck, most of the news media makes more than that.
Now, we’ll see if Hillary and Bill release their returns.
Someone might want to do a bit of forensic accounting to determine the time of BIll CLintons $5 million investment that is now returning $20 million !! He certainly didn’t earn that kind of money prior to 2001 . I wonder if Marc Rich or any of the other pardoned felons had any connection to getting him such a great investment!!
HILLARY CLINTON CAN YOU RESPOND BY PUBLISHING YOUR TAX RETURNS? WHAT DO YOU HAVE TO HIDE? THE AMERICAN PEOPLE WANT A TRANSPARENT PRESIDENT. CLINTON SUPPORTERS MAYBE YOU CAN ANSWER THAT QUESTION BECAUSE IT SEEMS AS THOUGH THE CLINTONS ARE DODGING THE QUESTION AND ARE HIDING SOMETHING.
THE CLINTONS ARE FAKE, JUST AS FAKE AS HILLARY STATING THAT SHE TOOK FIRE IN BOSNIA…LOL..IN ESSENCE HILLARY IS TAKING CREDIT AND MINIMIZING THE DANGER THAT REAL SOLDIERS FACE IN WAR. THEY ARE THE ONES TAKING THE SNIPER FIRE AND ROUNDS ZOOMING PAST THEIR HEADS. HILLARY YOU ARE SUCH A FAKE AND TO EXAGGERATE YOUR EXPERIENCE IS FURTHER PROOF THAT YOU WILL SAY ANYTHING TO MAKE YOURSELF LOOK GOOD BUT THE AMERICAN PEOPLE CAN SEE RIGHT THROUGH YOU!!!!
Thank you Barack! Too bad Hillary (known as the embellishment queen) has consistently resisted releasing hers! Perhaps that delay is to DISembellish!
So what? Is the media going to spin this now?
I’m sure that he isn’t getting any from special interest!
Oh yeah… and for those that are thinking us Michigan people are upset… I’m not upset… I know I will have my day to vote for Obama!
And for the polls… 30 year old, educated, white, married, middle-upper class… etc.
Was the pastor one of his dependents.