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The Obamas’ tax returns show how capitalism helped make them rich

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By Michelle Malkin  •  March 25, 2008 03:39 PM

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Well, God damn America! Here are the Obamas’ tax returns. They show that much of the family’s recent wealth came from the success of Barack’s books, including the one whose title was inspired by his class warfare-spewing, profanity-spewing, upper-middle-class spiritual guru:

The Obamas earned a combined $430,700 in salary, and more than $506,000 in income from Barack Obama’s book sales in 2006. The Illinois senator’s second book, “The Audacity of Hope,” flew to the top of The New York Times bestseller list after its release in October 2006.

In 2005, Obama made $1.2 million from the 2004 re-release of his first book, “Dreams From My Father,” which was first published in 1995 but found new interest following Obama’s widely-praised appearance at the 2004 Democratic National Convention. In all, the Obamas declared $1.67 million in adjusted gross income in 2005, itemized $112,000 in deductions, including $77,000 in charitable deductions, $5,000 of which went to the Obamas’ church, Trinity United, whose reverend has made news lately for his anti-American sermons.

The couple paid more than $114,000 in taxes in 2005 and ended up owing $430,000.

In addition to more than $300,000 in income from her job as a vice president of community and external affairs at the University of Chicago Medical Center, in 2006 Michelle Obama also earned $51,200 in 2000 from serving on the board of directors of TreeHouse Foods, which provides products and services to the private label and food service industries. She resigned from the board in May 2007, citing too many demands on her time.

Between 2000 and 2004, the Obamas adjusted gross income was between $207,000 and just over $275,000 per year.

But hey–don’t you dare think about entering corporate America yourself or Michelle Obama will spank your greedy ass-ets.

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Related:

Jeremiah Wright will speak in Tampa tonight. (Update: Cancelled.)

TaxProf examines the Obamas’ charitable giving.

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