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You're welcome, Mr. President!

April 19, 2010

President Obama released his 2009 tax returns. His biggest income item was a $5 million-plus Schedule C for his book income. For the second year in a row, Mr. Obama took the maximum SEP deduction for his retirement based on his book earnings -- a move suggested by the Tax Update and belatedly heeded by the First Taxpayer, reducing his federal tax bill by about $17,000. Just another valuable benefit of being a regular Tax Update reader, at no extra charge. And now you can follow us on Twitter or Facebook, too!

More coverage of the Obama returns from Kay Bell and the TaxProf.

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The President called me for advice on this issue and I referred him to your blog.

Let me be clear: he inherited this mess.

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