Whether he wins or not, running for president sure put a lot of money in his pocket through increased book sales.
Apr 16, 6:50 PM EDT
Obama reports income of $4.2 million in 2007 tax returns By BETH FOUHY
Associated Press Writer
PHILADELPHIA (AP) -- Democratic Sen. Barack Obama and his wife, Michelle, made $4.2 million last year as widespread interest in the presidential candidate pushed the sales of his two books.
In tax returns the campaign released Wednesday, the Obamas reported a significant jump in their income from the previous year as profits from the books "Dreams From My Father" and "The Audacity of Hope" accounted for some $4 million. The Obamas paid federal taxes of $1.4 million and donated $240,370 to charity.
Their salaried income was $260,735, which include his $157,102 salary as a U.S. senator and hers of $103,633 as vice president of community and external affairs at the University of Chicago Medical Center.
In 2006, Obama and his wife reported income of $991,296. The sum included Obama's Senate salary of $157,082 and his wife's earnings of $273,618 from her position as an administrator at the University of Chicago Medical Center. Michelle Obama also earned $51,200 in director's fees from TreeHouse Inc., a food distributor.
They paid $277,431 in federal taxes - an overpayment of $40,856, which they designated for estimated tax payments this year.
Among the charitable donations in 2007 was $26,270 to Trinity United Church of Christ, where the incendiary sermons of Obama's former pastor have created problems for the candidate. The Obamas' largest charitable donation was $50,000 to the United Negro College Fund. They also gave $35,000 to CARE.
The campaign released the returns just hours before a candidate debate with rival Sen. Hillary Rodham Clinton.
By comparison, Clinton and her husband, the former president, reported $20.4 million in income for 2007. Almost half the former first couple's money came from Bill Clinton's speeches. The Clintons made nearly $109 million since leaving the White House in 2001, capitalizing on lucrative business ventures and his speaking engagements.
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