Obama releases 2011 tax returns
President Barack Obama released his tax returns Friday, which showed a gross income of $789,674 for 2011, CNNMoney reported. His income was down from $1,728,096 the previous year. The family income topped $5.5 million in 2009.
The president earns a salary of $400,000; however royalties from his books “Dreams From My Father” and “The Audacity of Hope” push his total earnings higher.
Reports show that the Obamas paid $162,074 in federal taxes and donated $172,130, or 22 percent of their income, to 39 different charities.
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