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http://elections.foxnews.com/2008/03/25/obamas-open-tax-returns-earned-nearly-1m-in-2006/
Obamas Open Tax Returns, Earned Nearly $1M in 2006
Tuesday, March 25, 2008
Barack and Michelle Obama earned close to $1 million in 2006, paid more than
$318,000 in taxes and got a $40,000 refund, according to the couple's tax
return released by the Democratic presidential candidate's campaign on
Tuesday.
The Obamas owed the government $277,000 after itemized deductions, which
included $60,449 in mortgage interest and $60,307 in charitable
contributions.
The Obamas are on vacation in the U.S. Virgin Islands, returning to the
mainland on Wednesday. In issuing the returns from 2000-2006, the campaign
on Tuesday laid down the gauntlet for Clinton, who said Tuesday she will
likely release her records within the next week. The Pennsylvania primary is
on April 22.
"I am pleased that Senator Obama has released his tax returns. I think that's
a good first step. Now he should release his records from being in the
state senate and any other information that the public and the press need to
know from his prior experience, because I think that, you know, we should
continue to make available the information that we have," she said in a
press conference.
Obama's campaign called any effort to demand more from the Illinois senator
audacious.
"Senator Clinton can't claim to be vetted until she allows the public the
opportunity to see her finances-particularly with respect to any investment
in tax shelters," Obama Communications Director Robert Gibbs said in a
statement.
Gibbs later told reporters he doesn't know what "glass house" Clinton
advisers live in, but it takes "audacity" to ask for more documents when the
Obama camp, news organizations and voters are "waiting with baited breath"
for Clinton's returns.
The Obamas earned a combined $430,700 in salary, and more than $506,000 in
income from Barack Obama's book sales in 2006. The Illinois senator's second
book, "The Audacity of Hope," flew to the top of The New York Times
bestseller list after its release in October 2006.
In 2005, Obama made $1.2 million from the 2004 re-release of his first book,
"Dreams From My Father," which was first published in 1995 but found new
interest following Obama's widely-praised appearance at the 2004 Democratic
National Convention. In all, the Obamas declared $1.67 million in adjusted
gross income in 2005, itemized $112,000 in deductions, including $77,000 in
charitable deductions, $5,000 of which went to the Obamas' church, Trinity
United, whose reverend has made news lately for his anti-American sermons.
The couple paid more than $114,000 in taxes in 2005 and ended up owing
$430,000.
In addition to more than $300,000 in income from her job as a vice president
of community and external affairs at the University of Chicago Medical
Center, in 2006 Michelle Obama also earned $51,200 in 2000 from serving on
the board of directors of TreeHouse Foods, which provides products and
services to the private label and food service industries. She resigned from
the board in May 2007, citing too many demands on her time.
Between 2000 and 2004, the Obamas adjusted gross income was between $207,000
and just over $275,000 per year.
In 2006, Forbes magazine listed 2004 Democratic presidential candidate Sen.
John Kerry as the richest member of Congress, with a personal wealth of $750
million, primarily from holdings belonging to his wife Teresa Heinz Kerry.
The Center for Responsive Politics did not list Obama in the top 25
wealthiest senators in2006, awarding the No. 25 spot to Republican Sen.
Mitch McConnell of Kentucky, with a minimum net worth listed as $2.25
million. Obama rival Hillary Clinton was listed at No. 9 with a minimum net
worth estimated at $10.3 million.
Obamas Open Tax Returns, Earned Nearly $1M in 2006
Tuesday, March 25, 2008
Barack and Michelle Obama earned close to $1 million in 2006, paid more than
$318,000 in taxes and got a $40,000 refund, according to the couple's tax
return released by the Democratic presidential candidate's campaign on
Tuesday.
The Obamas owed the government $277,000 after itemized deductions, which
included $60,449 in mortgage interest and $60,307 in charitable
contributions.
The Obamas are on vacation in the U.S. Virgin Islands, returning to the
mainland on Wednesday. In issuing the returns from 2000-2006, the campaign
on Tuesday laid down the gauntlet for Clinton, who said Tuesday she will
likely release her records within the next week. The Pennsylvania primary is
on April 22.
"I am pleased that Senator Obama has released his tax returns. I think that's
a good first step. Now he should release his records from being in the
state senate and any other information that the public and the press need to
know from his prior experience, because I think that, you know, we should
continue to make available the information that we have," she said in a
press conference.
Obama's campaign called any effort to demand more from the Illinois senator
audacious.
"Senator Clinton can't claim to be vetted until she allows the public the
opportunity to see her finances-particularly with respect to any investment
in tax shelters," Obama Communications Director Robert Gibbs said in a
statement.
Gibbs later told reporters he doesn't know what "glass house" Clinton
advisers live in, but it takes "audacity" to ask for more documents when the
Obama camp, news organizations and voters are "waiting with baited breath"
for Clinton's returns.
The Obamas earned a combined $430,700 in salary, and more than $506,000 in
income from Barack Obama's book sales in 2006. The Illinois senator's second
book, "The Audacity of Hope," flew to the top of The New York Times
bestseller list after its release in October 2006.
In 2005, Obama made $1.2 million from the 2004 re-release of his first book,
"Dreams From My Father," which was first published in 1995 but found new
interest following Obama's widely-praised appearance at the 2004 Democratic
National Convention. In all, the Obamas declared $1.67 million in adjusted
gross income in 2005, itemized $112,000 in deductions, including $77,000 in
charitable deductions, $5,000 of which went to the Obamas' church, Trinity
United, whose reverend has made news lately for his anti-American sermons.
The couple paid more than $114,000 in taxes in 2005 and ended up owing
$430,000.
In addition to more than $300,000 in income from her job as a vice president
of community and external affairs at the University of Chicago Medical
Center, in 2006 Michelle Obama also earned $51,200 in 2000 from serving on
the board of directors of TreeHouse Foods, which provides products and
services to the private label and food service industries. She resigned from
the board in May 2007, citing too many demands on her time.
Between 2000 and 2004, the Obamas adjusted gross income was between $207,000
and just over $275,000 per year.
In 2006, Forbes magazine listed 2004 Democratic presidential candidate Sen.
John Kerry as the richest member of Congress, with a personal wealth of $750
million, primarily from holdings belonging to his wife Teresa Heinz Kerry.
The Center for Responsive Politics did not list Obama in the top 25
wealthiest senators in2006, awarding the No. 25 spot to Republican Sen.
Mitch McConnell of Kentucky, with a minimum net worth listed as $2.25
million. Obama rival Hillary Clinton was listed at No. 9 with a minimum net
worth estimated at $10.3 million.
