President Obama Posts Lowest Income Total Since Entering White House
President Obama released his 2015 tax return to the public earlier this week.
According to the return, President Obama posted an adjusted gross income of $436,065 in 2015, which is the smallest amount of money that Obama has made since entering the White House in 2009.
The drop in income for President Obama and his family is due to dropping book royalties, which clocked in at $60,745 last year. President Obama collects royalties on his books, "Dreams from My Father" and "Audacity of Hope", while the royalties for "Of Thee I Sing" are donated to charity.
The majority of President Obama's income came from his Presidential salary, for which he collected a total of $400,000. The Obamas paid $81,472 in federal taxes and donated $64,066 to various charities, including Fisher House and the Sandy Hook Promise Foundation.
The Obama family is very careful with their investments, as the majority of their money is invested in Treasury Notes and Treasury Bills. This means that the Obama family generates very little in terms of investment income, though they will likely be expanding their investment horizons once Barack Obama leaves the White House next year.
The Obama family will likely generate a significant amount of income once President Obama leaves the White House.
There will undoubtedly be the Barack Obama autobiography, which will surely fetch an advance of many millions of dollars. In addition, Obama stands to make millions more from speeches (if he chooses to go this route) and by taking on consultancies or positions with notable companies.
If Donald Trump or Hillary Clinton win the election in November, the Presidential tax filings will be much bigger and more complex, as President Obama's were fairly straightforward and simple.
Filed under: General Knowledge