Legal Commentary

Obama Releases Tax Return: Earned $4.2 Million

By Jeralyn

Barack Obama released his tax return today. He earned $4.2 million.

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 include 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.

In 2006, the Obamas earned $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.

What we have: two candidates who made millions from book deals. Good for both of them, I don't begrudge either their good fortune. And for both, let's face it, fortune or at least celebrity has a lot to do with it.

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Obama's books have been out for years, but 2007 is the year it earned beaucoup bucks -- meaning his newfound national celebrity status drove people to buy the book.

Hillary has had celebrity status for years, and it undoubtedly was a factor in the advances and royalties she received for her books.

So, two political celebrities garner multi-million dollar earnings for writing a couple of books each. Life in America, ain't it grand? Actually, I think it is.

Full post as published by TalkLeft on April 16, 2008 (boomark / email).