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.
This from the Obama campaign….
SUMMARY SHEET: 2006 TAX RETURN FOR BARACK AND MICHELLE OBAMA
The Obamas’ income dropped from $1.6 million in 2005 to $991,296 in 2006, in part because their 2005 income included a one time bonus related to Michelle Obama’s job at the University of Chicago Hospitals and royalties and an advance associated with Senator Obama’s books.
BO (SENATE): $157,082
BO (BOOK): $506,618
MO (UNIVERSITY OF CHICAGO): $273,618
MO (TREEHOUSE): $51,200
TAXES PAID: $277,431
The Obamas owed $277,431 in Federal taxes in 2006. During the year, they overpaid their taxes by $40,856, and applied that overpayment to their estimated tax payments for 2007.
CHARITABLE DONATIONS: $60,307
The Obamas’ gave a total of $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, and $22,500 to Trinity United Church of Christ. They also gave $4,700 to miscellaneous recognized charities.
• ABOUT THE MUNTU DANCE THEATER: The Chicago-based Muntu Dance Theatre performs authentic and progressive interpretations of contemporary and ancient African and African-American dance, music, and folklore. Michelle Obama is a member of the board for the Muntu Dance Theater since 2000. [www.muntu.com/about_muntu/about_muntu.html]
• ABOUT CARE: CARE tackles underlying causes of poverty so that people can become self-sufficient. Recognizing that women and children suffer disproportionately from poverty, CARE places special emphasis on working with women to create permanent social change. [www.care.org/careswork/whatwedo/index.asp]
• ABOUT THE CONGRESSIONAL BLACK CAUCUS FOUNDATION: The Congressional Black Caucus Foundation is the premier organization that creates, identifies, analyzes and disseminates policy-oriented information critical to advancing African Americans and people of African descent towards equity in economics, health and education. [http://www.cbcfinc.org/About/mission.html]
• ABOUT TRINITY UNITED CHURCH OF CHRIST: The Obamas have been members of Trinity since 1988.
CAPITAL GAINS / DIVIDENDS
The Obamas reported earning $4,590 in interest and $1,188 in dividends from accounts at JP Morgan Chase, Northern Trust Bank, and UBS.
OTHER ITEMS OF NOTE
The Obamas paid approximately $1,000 in household employment taxes for child care services, and paid a $377 Federal tax penalty to address an underestimation of taxes owed due to Senator Obama’s book sales.