WASHINGTON — Barack Obama released seven years of tax returns Tuesday, providing a financial profile of a public official whose family income soared eight- fold after he signed lucrative book contracts in 2004 following his election to the Senate.
The Obama family’s newfound wealth — Barack and Michelle Obama reported income of $1.65 million in 2005 and nearly $1 million in 2006 — led the couple to contribute substantially more to charitable causes than they had before. Over two years, the couple gave $27,500 to their church, Trinity United Church of Christ, and reported a total of $137,622 in charitable donations during that period.
In releasing his 2000 through 2006 returns, Obama continued to challenge Hillary Rodham Clinton to do the same. The “transparency” debate has been ongoing between Clinton and Obama, whose finances are simpler than the Clintons’. Hillary and former President Bill Clinton made tens of millions of dollars in their book deals and his speaking and consulting fees since leaving the White House in 2001.
