WASHINGTON -- President Barack Obama and his wife, Michelle, reported about $2.7 million in income for 2008, mainly from book sales. The first couple paid about $855,000 in federal income taxes.
Their income declined from 2007, when the Obamas reported about $4.1 million, again mostly from books, and paid about $1.4 million in taxes.
"The president sold a lot of books last year, no doubt, and paid a hefty amount in federal income tax," press secretary Robert Gibbs said Wednesday. The first family's effective tax rate was around 31%, down from the 33.7% rate they paid in 2007.