April 19th, 2011

President Barack Obama and his wife, Michelle, paid $453,770 in federal income taxes in 2010 on $1.7 million in income, according to tax returns the White House released on Monday to coincide with the national income-tax filing deadline.

Mr. Obama’s income and tax payments fell sharply from 2009, mainly because of declining sales of his books, from which the Obama family derived most of its income. The Obamas paid $1.8 million in income taxes in 2009 on income of $5.5 million.

The Obamas’ tax return offers a look at the president’s personal finances as he debates with Republicans over whether to raise taxes on the wealthy as part of overhauling the tax code.

“I don’t need another tax cut,” Mr. Obama said in a speech last week in which he laid out his plan for cutting the country’s deficit. His proposal includes raising taxes on families with annual incomes above $250,000 a year, a move that Republicans oppose.

Mr. Obama overpaid his 2010 taxes by $12,334, according to the tax returns. He could have received a refund, but chose instead to apply the amount to 2011 estimated taxes. Mr. Obama reduced his tax burden by taking $22,215 in foreign tax credits for income earned overseas from sales of his books. He paid taxes on the sales overseas.

The Obamas reported donating $245,075 to 36 charities last year, compared with $329,100 to 40 different charities the previous year. The largest donation, of $131,075, went to the Fisher House Foundation, which provides free or low-cost lodging to veterans and military families receiving treatment at military medical centers.

The family gave $15,000 to the Clinton-Bush Haiti Fund, created in the wake of the 2010 earthquake that devastated Haiti. The fund is led by former Presidents Bill Clinton and George W. Bush.

The White House also released tax returns for Vice President Joe Biden and his wife, Jill. They paid $86,626 in federal taxes last year on adjusted gross income of $379,178, according to a copy of their tax returns. The Bidens claimed a $30,000 mortgage-interest deduction.

The Bidens contributed about $5,000 to charity. Their largest donation, of $1,400, went to the Northern Virginia Community College Alumni Scholarship Fund. They also gave $1,000 to the Westminster Presbyterian Church and $500 to the Catholic Church in Delaware.