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Obama and Biden release tax returns. Will Trump, Palin, and other contenders?

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AP Photo/Carolyn Kaster, File

(Read caption) President Barack Obama speaks to media in the Oval Office of the White House in Washington on April 14.

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President Obama said last week that he doesn’t need a tax cut if that would mean cutting Medicare benefits for seniors or Head Start programs for children. Now the president's tax return, released Monday, lets you judge whether the commander in chief could use a tax break.

He and Michelle Obama paid $453,770 in federal taxes last year, out of a combined $1,728,096 income. Most of that income came from sales of the president’s books.

The tax return also reveals that the first couple donated $245,075 to charity – about 14 percent of their income. The single biggest recipient was the Fisher House Foundation, which manages a scholarship fund for the children of killed or disabled soldiers. Fisher House received $131,075 in royalties from Mr. Obama’s children’s book, “Of Thee I Sing.”

In 2009, the first family reported an income of $5.5 million, thanks to a post-election surge in book sales.

What about Vice President Joe Biden, who in 2008 called himself the second-poorest member of Congress? His fortunes have improved. For 2008, he and Jill Biden reported an adjusted gross income of $269,256, which looked rather modest when compared with those of Mr. Biden's congressional colleagues, nearly half of whom were millionaires.

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