Did Barack Obama Underreport His Income to IRS?

President Barack Obama released his recent personal finance records in 2008, which included his 2004 U.S. Individual Income Tax Return and Senate Annual Finance Report.  President Obama's records for 2004 do not reconcile with the State of Illinois Comptroller's Office.  There are inconsistencies in the total compensation received as an Illinois State Senator.   The largest error likely is President Obama's omission of a "Leadership Stipend" of over $8,000.  This stipend should have been recorded as income. According to the Illinois Comptroller's office, then-State Senator Obama received: 2004 State of IL compensation: $ 52,817.38 (salary) $ 8,040.01 (leadership stipend) $ 3,765.00 (per diem) $ 2,400.00 (mileage) Stipends for State of Illinois legislators are paid to Senators and Representatives by their respective minority or majority leader.  These stipends are not used to support the legislator's living costs, but are used by the leaders as...(Read Full Post)