The First Family Is Definitely Not Getting a Tax Cut
Well, of course it’s Tax Day, and while we’ve been a bit preoccupied with all the wacky Tea Party hijinks, it also means that we get to take a look at the president and first lady’s tax returns, which were just released.
The bottom line: they do all right for themselves. The Obamas claimed a total income of $2,736,107 and an adjusted gross income of $2,656,902 for 2008. They paid $855,323 in federal income tax. You can take a look at their federal 1040 form here (pdf). Their Illinois state return is here (pdf). And their federal 709 form (which I can only assume that I’m not familiar with because I make much, much less money than they do) is here (pdf).