President Barack Obama paid close to US$ 460,000 in federal taxes this year, after reporting an income of just US$1.73 million–a far cry from his previous income before he became president of an annual US$ 5 million.
Obama filed his income tax returns and paid his taxes. He derived his income only from the books he sold. Last year, he drew his US$ 400,000 presidential salary, the first he ever received since he was never able to enjoy his 2009 paycheck.
This is surprising to say the least—seeing a President actually lost considerable income while in office.
What’s more, the Obamas donated about 14.2% of their income to 36 charities. Their largest contribution—US$ 131,000—was given to the Fisher House Foundation, which provides humanitarian support to members of the US Armed Forces.
Don’t tell that to former president Gloria Macapagal-Arroyo whose income balloooned 2,000% when she assumed power in 2001. Some pundits say she’s now one of the wealthiest politicians around. It’s not surprising since Arroyo ruled the country for over nine years.
Or, don’t even mention this to former presidents Marcos and Estrada whose incomes skyrocketed to the billions when they became presidents. Inspite of a monthly salary of about 85,000 pesos, how then can one be a billionaire after six years? In Marcos case, that’s twenty.
This is an example of modest and exemplary living. Paging Philippine politicians! You want to emulate Obama? Then, this is the way to go.