Obama reports income of $4.2 million for '07
Presidential candidate releases tax returns; most earnings were from books
http://www.msnbc.msn.com/id/24165966/
PHILADELPHIA - 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.
In 2006, the Obamas 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 Hospitals. 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.
Among the charitable donations in
2007 was $26,270 to Trinity United Church of Christ, where the incendiary
sermons of Obama's former pastor have created problems for the candidate. The
Obamas' largest charitable donation was $50,000 to the United Negro College
Fund. They also gave $35,000 to CARE.
The campaign released the returns
just hours before a candidate debate with rival Sen. Hillary Rodham Clinton.
More from msnbc.com
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