Presidential hopeful Sen. Barack Obama, D-Ill., released the 2007 tax return for himself and his wife Michelle.
The return reported $4.2 million in income, mainly on profits from the senator's best-selling books The Audacity of Hope and Dreams from My Father.
The tax return also revealed that the senator has set up a Simplified Employee Pension Individual Retirement Account, as tax planners recommended after he released his returns for 2000 to 2006 (see Obama Releases Tax Returns).
The 2007 return shows that Obama received a salary of $157,102 from the Senate, while his wife received $103,633 from her salary as vice president of community and external affairs at the University of Chicago Medical Center. The Obamas donated $240,370 to charity, including $26,270 to the Trinity United Church of Christ where retired pastor Rev. Jeremiah Wright recently presided.
At his debate with Sen. Hillary Clinton, D-N.Y., in Philadelphia on Wednesday evening, the dueling candidates described their tax plans. Both said they intended to raise the capital gains tax, though Clinton said she would not raise it above the 20 percent level it achieved during her husband's administration.
Obama said he might raise it as high as 28 percent. Both candidates also said they would not raise taxes on taxpayers making less than $200,000 or $250,000 per year, although Obama acknowledged he might consider raising the $97,000 cap on income subject to the payroll tax to provide more funds for Social Security.
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