WASHINGTON – President Joe Biden and First Lady Jill Biden said they earned $ 607,336 last year and paid $ 157,414 in federal income tax, according to 2020 federal income tax returns released on Monday, a slight drop income compared to the previous year.
The White House released the Bidens’ tax returns and those of Vice President Kamala Harris and second Mr. Doug Emhoff, coinciding with Monday’s extended deadline to pay federal income taxes.
Transparency on taxes restores a White House tradition that was shattered by former President Donald Trump, who refused to release his tax returns as president. This marks the 23rd year of tax returns released by Biden.
“I would expect that we would continue to release the president’s tax returns,” White House press secretary Jen Psaki said at Monday’s press conference, “as should be expected. by every President of the United States. “
The Bidens, who filed their tax returns jointly, had an effective federal tax rate of 25.9%. The average rate for all Americans is 14.6%.
The Bidens also said they paid $ 28,794 in Delaware income tax in separate state tax returns that were made public. Additionally, Jill Biden released her Virginia income tax return, claiming to have paid $ 443 in Virginia income tax.
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Harris and Emhoff reported an adjusted federal gross income of $ 1,695,225 in 2020 and paid $ 621,893 in federal income tax, which works out to an effective federal tax rate of 36.7%.
The 2020 tax returns cover a period when Biden was a presidential candidate and Harris, then U.S. senator from California, was seeking to be named Democratic president and later Biden’s running mate.
More than a third of the income reported by the Bidens, or $ 252,035, came from pensions and annuities. The Bidens earned an additional $ 212,681 from Giacoppa Corp., a company formed by the Bidens. The couple claimed $ 45,836 in Social Security benefits and $ 12,861 from Northern Virginia Community College, where Jill Biden teaches English.
The Bidens said they donated $ 30,704 to charities in 2020, totaling 5.1% of their revenue. Their largest charitable contribution, $ 10,000, went to the Beau Biden Foundation, a charity named in honor of the president’s late son who is dedicated to ensuring children are safe from abuse. Biden donated $ 5,000 each to the Delaware Food Bank and the International Association of Fire Fighters Foundation and $ 1,000 to St. Joseph on the Brandywine, the Catholic church he and the First Lady attend regularly at Wilmington, Delaware.
In 2019, Biden paid $ 287,693 in federal income taxes and reported adjusted gross income of $ 985,233. The Biden campaign released the 2019 tax returns hours before its first debate with Trump in September.
Harris and Emhoff paid $ 125,004 in California income tax in 2020, and Emhoff paid $ 56,997 in District of Columbia income tax, according to also released state statements. The second couple said they paid $ 27,006 to charity in 2020, or 1.6% of their total income.
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Trump refused to disclose his tax records when he ran for president in 2016 and during his four years in office, breaking a 40-year tradition of presidents sharing their tax returns with the public under one form or another. Trump used the excuse that he couldn’t reveal them due to an audit by the Internal Revenue Service. However, an audit does not prevent a president from publishing his archives.
The New York Times said last September that it obtained copies of Trump’s tax records, which showed he paid only $ 750 in federal personal income taxes in 2016 and 2017 and no taxes. on income in 10 of the previous 15 years. Records also showed Trump was plagued by hundreds of millions of personal debt that would fall due within the next four years, according to the newspaper.
Trump dismissed the report as “fake news” and claimed, without presenting any evidence, that he paid taxes.
Joey Garrison and Michael Collins cover the White House. Join Garrison on Twitter @joeygarrison and Collins @mcollinsNEWS.