WASHINGTON -- White House hopeful Sen. Barack Obama and his wife, Michelle, reported $991,296 in income in 2006, boosted by a $506,618 payout in advances and royalties for his books, according to returns released by his campaign Monday.
The Obamas have four main sources of income:
• • Obama's Senate salary of $157,082.
• • Book income of $506,618. Obama's second book, "The Audacity of Hope" was released last fall and soared to the best seller lists.
• • Michelle Obama's income of $273,618 from the University of Chicago Hospitals. She will get paid less in 2007 because she cut back on her job because of the campaign. She made more in 2005 because of a signing bonus from the U. of C. given when she was promoted to vice president of community and external affairs in January 2005, just as Obama was sworn in as senator.
Tax returns from last year showed her total compensation in 2005 went from $122,000 to $317,000, though the higher figure includes a one-time pension payout and the bonus.
• • Michelle Obama's income of $51,200 from TreeHouse Foods, where she has been on the board of directors since June 2005.
For 2005, the couple reported a taxable income of $1.6 million. The higher figure was due to more money Obama received from book royalties and advances on a multiyear book deal as well as the higher amount Michelle Obama collected from the U. of C.
Interest income on the most recent return totaled $4,590 with $1,188 from dividends.
The Obamas donated $60,307 to charity, including $13,107 to the Congressional Black Caucus 501(c)(3) Foundation; $15,000 to CARE; $5,000 to the Muntu Dance Theater, where Michelle Obama sits on its board; $22,500 to their church, Trinity United Church of Christ, and $4,700 in other charitable contributions.
The Obamas' return was prepared by Wineberg Solheim Howell & Shain on La Salle Street.