Barack and Michelle Obama just released their 2015 tax returns in what will likely be the last public reveal of how much money they make (assuming Michelle doesn't run for major office some day).
Every year, both the president and vice president are required by law to release their full tax returns to the public. The White House releases PDFs of the actual tax return documents that have been submitted to the IRS. We're able to see exactly how much they each earned in gross income, how much was paid in taxes, how much was donated to charity… etc.
Interestingly, 2015 was the Obamas' WORST income year during the entire time they've been in the White House. In 2015, Barack and Michelle Obama had adjusted gross income of $436,065.
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The couple paid $81,472 in federal income taxes to the IRS, which equates to an 18.7% tax rate. They also paid $49,000 in state and property taxes.
The vast majority of their income was made up of Barack's Presidential salary of $400,000. Barack also earned around $56,069 from book sales. The couple donated around $64,000 to 30 different charities in 2015.
The Obamas will actually be getting a $22,859 refund check this year, because apparently they "over withheld."
Here is exactly how much money the Obamas have made every year, since 2000. Note how much money they made in 2007, the year he ran for president and the year after his book, The Audacity of Hope, was released:
- 2000: $240,000
- 2001: $272,759
- 2002: $259,394
- 2003: $238,327
- 2004: $207,647
- 2005: $1,655,106
- 2006: $983,826
- 2007: $4,139,965
- 2008: $2,656,902
- 2009: $5,505,409
- 2010: $1,728,096
- 2011: $789,674
- 2012: $662,076
- 2013: $481,098
- 2014: $477,383
- 2015: $436,065
Total: $20,619,644
Why has his income dropped so drastically since 2007-ish? Apparently, no one is buying his books anymore! But that's sure to change, basically the moment he leaves office. Bill Clinton has earned over $100 million in the years since he left office, mostly from paid speeches and book sales. Barack and Michelle are likely to have the same (if not more) opportunities to cash in on their fame and history.
