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Obamas Made $1.7 Million in 2010 Amid 69 Percent Income Drop

President Barack Obama and his wife, Michelle, reported $1.7 million in adjusted gross income last year and paid $453,770 in federal income taxes, according to tax returns released yesterday by the White House.

The Obamas’ adjusted gross income for 2010 dropped about 69 percent from the previous year, when it was $5.5 million, and 2010 was the couple’s lowest-earning year since 2006, before Obama’s presidential campaign generated interest in books he wrote. Their total federal income tax liability for 2010 dropped about 75 percent from 2009, when it was $1.8 million.