Is the award taxable?
Not if his Treasury Secretary does his tax returns.
Its not the most undeserved award ever granted. After all, Henry Kissinger also received the Nobel Peace Prize. And Schicklgruber was Time's Man of the Year in 1939.
What has he done? What has Obama actually done?
What has Obama actually done to merit the Nobel Peace Prize this early in his administration? Besides talking.
Well he did pay the US' tab at the UN. But other than that, he has done nothing to merit this award, except for talking a good game. And so, he cheapens it.
"In the Incarnation the whole human race recovers the dignity of the image of God. Thereafter, any attack, even on the least of men, is an attack on Christ, who took on the form of man, and in his own Person restored the image of God in all. Through our relationship with the Incarnation, we recover our true humanity, and at the same time are delivered from that perverse individualism which is the consequence of sin, and recover our solidarity with all mankind."
Dietrich Bonhoeffer