Obamas income drops by two thirds

Obama and the First Lady filed their income tax return jointly and reported an adjusted gross income of $1,728,096, White House Press Secretary Jay Carney said in a blog posting yesterday, the last day of filing the tax returns for the year 2010.

"The vast majority of the family`s income is the proceeds from the sale of the President`s books. The Obamas paid $4,53,770 in total federal tax," he said.

The family also reported donating $2,45,075 - or about 14.2% of their adjusted gross income - to 36 different charities. The largest reported gift to charity was a $1,31,075 contribution to the Fisher House Foundation.

Carney said that the President is donating the after-tax proceeds from his children`s book to a Fisher House scholarship fund for children of fallen and disabled soldiers.

The President and Michelle Obama also released their Illinois income tax return and reported paying $51,568 in state income taxes, the White House official said.