The White House will release President Obama’s 2008 tax returns Wednesday afternoon, chief administration spokesman Robert Gibbs says.
Mr. Obama, who earlier in the day announced tax cuts for ‘working families,’ makes roughly $400,000 as president, which helps supports his wife and two young daughters, but has made millions more in book publishing.
“The president sold a lot of books last year, no doubt,” said Mr. Gibbs, adding the president also paid a lot of taxes on the profits.
Mr. Obama and wife Michelle made roughly $4.2 million in 2007, according to their joint return, which included about $3.9 million from book sales. They paid roughly $1.4 million in federal taxes and made $240,000 in charitable contributions.
Mr. Obama has authored or co-authored several books, but his biggest sellers are “Dreams from My Father: A Story of Race and Inheritance” (2004) and “The Audacity of Hope: Thoughts on Reclaiming the American Dream” (2006).