Michelle and Barack Obamas income tax statement for 2009 was revealed which would make any tycoon proud of profiteering. Read the details and tell us what you think in the comments.

obamas income

This is a Right Pundits open talk thread where you can discuss Barack Obama’s tax returns or any other of your choosing. I’m choosing to discuss what many would consider obscene profits during a recession when ordinary men and women are suffering because of the president’s economic policies.

Obama made fully $5.5 million dollars in 2010 and paid $1.8 million in federal income taxes.

The bulk of the Obamas income came from sales of his books. Michelle Obama herself reported no income. The tax returns do not include the embarrassing Nobel Prize money that was awarded on the basis of what he might accomplish in the future. Obama directed the Nobel committee to send that money directly to charities so that he would not have to report it on his tax returns.

Unlike past years in which the president was famously miserly, he donated over $300,000 of his reported earnings to charity, or roughly 7%. The previous tax returns released during his senatorial career show a penny pinching millionaire who gave very little to the needy.

The Obamas income makes him the richest president in the history of the country. No president in the 200 year history of the nation has earned more money as president which may be why there is a sense among the electorate that he is disconnected from the everyday concerns of the public. Despite all the populist rhetoric, Obama is quite literally an elitist.

As a libertarian I cannot begrudge a gazillionaire in the White House. It’s the American dream to take advantage of your opportunities, whether it is building a business or capitalizing on the frills of elected office. Self-interested greed is a survival instinct and is indeed the powerful motor that makes our economic system superior to the socialist system so admired by Obama’s supporters.

But the irony of a man who rails against fat cats in Wall Street while getting fat on the backs of the American people himself is not lost on anyone. Obama is in the elite circle of the super rich in this country who rather than suffer during recession like the rest of us have managed to make millions more.

And to add irony to irony, it is the president’s own high tax, high spend, policies which have served to deepen the recession by smothering businesses from hiring new workers. And unfortunately the worst pain and suffering among the American people is yet to come.

Underneath the radar interest rates are starting to spike because of high government debt. Most of you are going to get still poorer under Obama’s leadership, while we learn today that a few opportunistic people will indeed get richer.

You are welcome to discuss the Obamas income or any other subject today. Your thoughts are anxiously awaited, dear readers.