Obamas8217; income drops by two thirds

8220;The vast majority of the family8217;s income is the proceeds from the sale of the President8217;s books. The Obamas paid USD 4,53,770 in total federal tax,8221; he said.

The family also reported donating USD 2,45,075 8212; or about 14.2 per cent of their adjusted gross income 8212; to 36 different charities. The largest reported gift to charity was a USD 1,31,075 contribution to the Fisher House Foundation.

Carney said that the President is donating the after-tax proceeds from his children8217;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 USD 51,568 in state income taxes,the White House official said.

On the other hand,Vice President Joe Biden and his wife Jill Biden reported an adjusted gross income of USD 3,79,178. The Bidens paid USD 86,626 in total federal taxes for 2010. They contributed USD 5,350 to charity,in both monetary and in-kind donations,he added.