President Barack Obama and First Lady Michelle Obama Report Family Earnings of $5.5 Million, Shell Out Nearly $2 Million in Taxes

President Barack Obama and his wife, First Lady Michelle Obama, have reported earning $5.5 million last year with $1.8 million of that going to pay federal income taxes.

The tax returns were released on Thursday and detailed his President Obama’s earnings, much of which was gained through sales of his 1995 memoir “Dreams From My Father,” and 2006’s “The Audacity of Hope.”

In addition to the sale of the book Obama earned money on the audio versions of each book.

The tax return also revealed Barack and Michelle donated $329,100 to charities last year and the president actually donated his entire $1.4 million award for winning the Nobel Peace Prize.

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