To satisfy federal disclosure laws, the President and First Lady reported their net worth last week — revealing that they are worth almost $7 million.
The new disclosure report reveals that Barack and Michelle have invested up to $5.25 million in U.S. Treasury Bonds, with the rest held in retirement savings accounts, checking accounts college savings for their children, and a pension fund.
In 2014, Obama earned $130,000 from sales of his two books.
The main liability they have is the $1 million they owe on their home in Chicago.
Earlier this year, the first couple also revealed their 2013 taxes reporting that their income had fallen from $608,611 in 2012 to $481,098 in 2013.
But more interesting was the Obama’s big drop in charitable giving.
In 2012 the couple gave $150,034 to charity. But by 2013 the Obamas had reduced that to $59,251. Their tax report shows that the couple donated to 32 different charities in 2013.
This big drop in charitable spending is from the same president who only days ago claimed that the rich are “winners of society’s lottery” and that they need to pay more taxes and make a bigger “investment” by giving their money to him to spend in Washington.
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