The Obamas Take a Pay Cut

 

 Your Black World  Reports

 

It appears that the Obamas earned two-thirds less this year than they did last year.  According to their tax returns, Michelle and Barack Obama earned “just” $1.7 million this year, after earning $5.5 million last year.  The family also gave 14% of their income to charity.

The decline in income is due to the fact that President Obama’s books, “Dreams from My Father” and “The Audacity of Hope” are not selling as well as they did in the past.

The family paid $453,770 in federal taxes and donated $245,075 to charity.  The Fisher House Foundation, a charity for veterans, got the biggest single donation.  He also donated $15,000 to the Clinton Bush Haiti fund, and another $10,000 to Boys & Girls Clubs of America.  President Obama also earns $400,000 from his job as President of the United States.

The President and Mrs. Obama earn far more than the family of Vice President Joe Biden.  Biden and his wife earned $379,178 last year in gross income.  President Obama has recently argued that the wealthy should pay higher taxes, which he claims would go a long way toward reducing the federal deficit.  Since the Bush Tax Cuts in 2001, the revenue for the federal government has dropped dramatically, creating massive deficit levels and unprecedented amounts of federal debt.  If year 2000 tax rates are not restored at some point in the near future, the federal government could face bankruptcy.

 

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