The Obamas: A two-thirds pay cut in 2010

By Charles Riley, staff reporter


NEW YORK (CNNMoney) -- President Obama and the first family earned about two-thirds less in 2010 than the year before, and donated about 14% of their income to charity.

The Obama family, in tax returns released Monday by the White House, reported an adjusted gross income of $1,728,096, down from about $5.5 million in 2009.

The Obamas reported paying $453,770 in federal taxes. They donated $245,075, or 14% of their income, to 36 different charities. Fisher House Foundation, a charity that works with veterans, took home the biggest single donation.

The president earns a salary of $400,000 for his day job. His paycheck was much higher because his books -- "Dreams From My Father," "The Audacity of Hope" and "Of Thee I Sing: A Letter to My Daughters" -- continued to register strong sales. But those sales were not nearly as strong as they were the year before.

Obama is donating the proceeds from the latest book, "Of Thee I Sing," to a Fisher House scholarship fund for children of fallen and disabled soldiers. This year, the contribution was $131,075.

The Obamas donated $15,000 to the Clinton Bush Haiti Fund, and $10,000 to the Boys & Girls Club of America.

In 2009, the Obamas paid about a third of their income -- $1.8 million -- in federal taxes.

Obama said in a speech last week that top earners -- himself included -- should pay higher taxes.

"I don't need another tax cut," he said. "Warren Buffett doesn't need another tax cut."

Also released was the return of Vice President Joseph Biden and his wife, Jill. Their adjusted gross income was $379,178, on which they paid federal taxes of $86,626.

The Bidens donated $5,350 to charity, in both monetary and in-kind donations, an amount equaling 1.4% of their adjusted income. The biggest donation listed on the tax return is a $1,400 donation to the Northern Virginia Community College Alumni Scholarship Fund.

Elizabeth Alexander, Vice President Biden's press secretary, issued a statement to CNN that emphasized that the Bidens also donate their time to charitable causes.

"The charitable donations claimed by the Bidens on their tax returns are not the sum of their annual contributions to charity. They contribute to many causes with their time, as well as their checkbooks," she said.

-- CNN's Ed Henry and Shawna Shepherd contributed to this report To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 16,694.57 233.25 1.42%
Nasdaq 4,452.32 69.47 1.59%
S&P 500 1,952.28 25.17 1.31%
Treasuries 2.28 0.05 2.06%
Data as of 3:43pm ET
Company Price Change % Change
Apple Inc 104.72 1.73 1.68%
Bank of America Corp... 16.58 0.18 1.10%
AT&T Inc 33.46 -1.04 -3.01%
Facebook Inc 80.00 1.63 2.08%
Microsoft Corp 44.96 0.57 1.30%
Data as of 3:29pm ET

Sections

Dunkin' Brands reported sluggish sales and warned that growth is going to remain slow. The coffee and breakfast wars are clearly having an impact on Dunkin' and other restaurants. More

Regulators are about to reveal the results of an extensive health check of Europe's top 130 banks, indicating which may need a cash infusion. More

Filmmakers are experimenting with virtual reality technology from companies like Oculus VR to create a new kind of cinematic experience. More

Startups focusing on "ag tech," or agricultural technology, are gaining the attention of farmers and investors More

Dressing up in crazy costumes, traveling the world, posing for photos -- and getting paid to do it. Here are journal entries from a day in the life of professional "cosplay" character, Linda Le. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.