Presidency isn’t hurting Obama’s earning power

America’s first couple reports a cool $5.5 million

The U.S. President’s official salary is $400,000, but Barack Obama and his wife, Michelle Obama, reported earning $5.5 million last year, and paying $1.792 million in federal income taxes, the White House said today. Most of the money came from sales of Obama’s books. The couple donated $329,100 to 40 different charities, with $50,000 going to CARE and the United Negro College Fund. The Nobel Committee donated Obama’s Nobel Peace Prize money, $1.4 million, directly to charity. The President didn’t have to recognize the prize as income on his tax return.

LA Times

Looking for more?

Get the best of Maclean's sent straight to your inbox. Sign up for news, commentary and analysis.