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President Obama’s 2010 Tax Return

Posted By Jim On 04/20/2011 @ 8:42 am In Taxes | 46 Comments

Being the the President of the United States has its perks, but one of the downsides is that people get access to even the most private of details. A prime is example is the annual ritual of scrutinizing the President’s tax return [3]. Here are the salient details:

  • They earned $1.73 million, the vast majority of which came from his books (1.38 million, after expenses)
  • He maximized his employer contributions to retirement in a SEP, SIMPLE, or some other – $49k
  • They donated nearly $250,000 to charity, or about 14% of his income.
  • They received a tax refund of $12,334 because of his estimated tax payments (higher than the average tax return [4]!).
  • He used a Chicago, IL accounting firm – Wineberg Solheim Howell & Shain.

The pundits have already seized on the fact that Vice President Biden didn’t donate as much money as President Obama, a “mere” 1.4%. 1.4% is still $5,350, a pretty generous sum that any charity would be happy to receive. That said, I wonder what the average (mean) is.

Anything interesting catch your eye from the return?

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[3] President’s tax return: http://www.whitehouse.gov/sites/default/files/rss_viewer/POTUS_taxes.pdf

[4] average tax return: http://www.bargaineering.com/articles/average-tax-refund.html

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