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Barack and Michelle Obama's Tax Returns Released

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President Obama and First Lady Obama reported an adjusted gross income of $1,728,096 for 2010, and paid $454,000 in federal taxes according to a press release from the White House. The President earns an annual salary of $400,000 for his position, with the remainder of his income coming from royalties from his first two books, "Dreams From My Father" and "The Audacity of Hope."

While the First Family has big pockets, the Obamas have even bigger hearts, donating nearly a quarter million dollars to charity last year. The $245,000 was dispersed among 36 charities, including the United Negro College Fund, American Red Cross, Boys and Girls Clubs, Central Illinois Food Bank, and Habitat for Humanity. Furthermore, in line with the First Lady's efforts to help military families, the Obamas gave more than half of their charitable donations to the Fisher House Foundation, which provides services for families of deceased and disabled soldiers. The foundation also receives all of the proceeds from President Obama's most recent book "Of Thee I Sing: A Letter to My Daughters."

This year's earnings for the First Family are a steep drop from their 2009 income of $5.5 million. The decline is likely a result of book President Obama's book sales slowing down.
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