The Obamas' tax return: A glimpse into the President's financial life


Yesterday, Americans partook in two annual rites of spring: grumbling about paying their taxes, and eagerly peering at the President's 1040 form. Each April, the president's tax returns give us an educational glimpse into the finances of our First Family, and this year -- despite the tendency of several of his cabinet nominees to find themselves accused of tax violations -- President Obama and his wife dutifully paid their taxes on time.

The Obamas' TY2007 returns reflected a gross income of $4.2 million, mostly from royalties on The Audacity of Hope and Dreams from My Father. Bothmemoirs got a big bump from Obama's campaign as millions of Americans rushed to bookstores to learn more about the mysterious man who was still many months away from securing his party's nomination for the presidency.

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