By Pamela Gentry, Senior Political Analyst

April 16, 2009 – The first family is doing pretty well when it comes to income, according to the Obamas’ 2008 tax return.  The president and his wife made $2.7 million last year. 

While this year the president’s salary will be $400,000 for his day job, last year’s million-dollar take was from his two best-selling books.  Michelle spent most of her time on the campaign trail, but the couple filed jointly and she added $62,707 from her executive job at the University of Chicago Hospital. 

This isn’t bad for two folks from such humble beginnings. 

But would you believe the Obamas made millions less in 2008 than they did in 2007? Why?  Because in 2007 his books were flying off the shelves during the early days of his campaign for the presidency and he racked up $4.2 million.

The two best-selling books, “Dreams from My Father” and “The Audacity of Hope” were  goldmines for the Obamas. The White House released the first family’s federal income tax filing on Wednesday.
 
Now don’t forget the former senator’s salary.  Obama also made a little cash before moving down the street to 1600 Pennsylvania Avenue; he earned $139,204 as senator from Illinois last year before the November election.

The couple did have a few deductions, like the interest on their south side Chicago home, but their total federal tax came to $855,323, about  32 percent of their adjusted gross income of $2,656,902.

It looks like the Obamas will be part of the group of folks his economic plan will target to pay higher taxes.

See President Obama and First Lady Michelle Obama’s tax return here.