BREAKING NEWS

Obamas' tax return shows big drop in income in 2010

By REUTERS

APRIL 18, 2011 23:27

WASHINGTON - President Barack Obama and wife Michelle made significantly less money last year than in 2009, with book sales their main source of income, according to their joint tax return released by the White House on Monday.

The first family reported an adjusted gross income of $1,728,096 and paid federal taxes of $435,770, down from income of $5,505,409 in 2009. April 18 was the deadline this year for Americans to file their annual tax returns.

Obama's Democrats are fighting with Republicans over cutting the U.S. deficit through a mixture of spending cuts and tax hikes, with Obama, a best selling author, arguing that wealthier Americans like him can afford to pay more in tax.

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