PRESIDENT OBAMA'S TAX RETURN

Each April, the President and Vice President release their tax returns. President and Michelle Obama filed a joint return for 2010. With the Presidential salary and approximately $1.38 million in book royalties, their total income was $1.8 million.

The President created a Simplified Employee Pension account and funded that with $49,000 from his book royalties. President and Mrs. Obama's itemized deductions totaled $373,289. The majority of the itemized deductions were charitable gifts totaling $245,075.

The major charitable gift was $131,075 transferred to the Fisher House Foundation. This foundation maintains residential facilities and provides free or low-cost housing to families of veterans who are receiving treatment at VA Medical Centers.

President and Mrs. Obama also made a $10,000 gift to the Boys and Girls Club of America and a $15,000 gift to the Clinton-Bush Haiti Fund.

Vice President and Mrs. Biden also released their 2010 tax returns. Their income was from his Vice Presidential salary, the teaching appointment of Dr. Jill Biden at an area college, a pension and Social Security.

With an adjusted gross income of $379,179, their itemized deductions were $67,038. Most of the itemized deductions were taxes and mortgage interest. Their charitable gifts were $5,350.

Five separate gifts totaling $950 were transfers of clothing to Good Will. There was a $1,400 gift to the Northern Virginia Community College where Mrs. Biden is an adjunct professor of English. They also made a gift of $1,000 to Westminster Presbyterian Church.