Obamas earn $1.8 million in 2010

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By Kelsey Lund

President Obama saw his 2010 income drop to a third of what it was in the previous year as his book sales lower, although he is still a millionaire, CBS News reported.

The Obamas declared a total income of $1.73 million in 2010, compared to a total of $5.5 million in 2009, the Los Angeles Times reported. Most of the earnings stemmed from Obama's book sales, the Los Angeles Times said.

All the proceeds from Obama's new children's book, "Of Thee I Sing: A Letter to My Daughter," were donated to a charity, the Los Angeles Times reported.

Overall, the Obamas donated almost $250,000 to 36 various charitable organizations, CBS News reported. The majority of the amount donated to charities came from the children's book sales, the Los Angeles Times reported.

The release of the federal tax returns confirming the president's millionaire status coincide with Obama's recent announcement that he will pursue the end of tax cuts for wealthy Americans such as himself, the Los Angeles Times reported.

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