General

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

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