How Much Money Do You Need To Make To Be President?

Democratic presidential candidate Barack Obama has released his tax return for the 2007 tax year showing that together with his wife, the Obamas earned $4.2 million. A whopping $4 million of that income was in the form of royalties from the sale of his books. Other income includes Obama’s Senate salary of $157,102 and $103,633 paid to Michelle Obama by the University of Chicago Hospitals, where she is on leave as an administrator.

The Obamas donated $240,370, or about 5.8% of their pretax income, to 33 churches and charities and donated $50,000 to the United Negro College Fund. They also donated $35,000 to CARE and $26,700 to Trinity United Church, where the Obamas go to church; the church’s senior pastor, Jeremiah Wright, has come under fire in recent months as being anti-American and racist.

Hillary Clinton fared even better last year. Together with former President Bill Clinton, she earned more than $20 million in 2007. Most of Clinton’s income comes was from speeches and books as a result of President Clinton’s years in office. The specifics of her tax return for 2007 are not yet available.

Both candidates have previously released prior years’ tax returns.

On the GOP side, we don’t yet know how much Arizona Senator John McCain, the Republican nominee, made last year. He has not released his tax returns. Presidential candidates aren’t required to make this information public but most do. It’s unclear why McCain has chosen not release his returns.

I’ve asked this question before – but in light of the criticisms that Obama might be “elitist” – I’ll ask again: does how much money a candidate make influence your vote? Does it matter where the money comes from? Does it matter where the money goes?