Earned $ 607,336 and paid 25.9% rate
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WASHINGTON (AP) – President Joe Biden restored a long-standing presidential tradition on Monday by releasing his tax returns, showing that 25.9% of the first couple’s income went to the federal government in 2020. The federal tax rate average is slightly above 14%. .
Biden and his wife, Jill, a teacher, earned $ 607,336 last year while running for president. This is down from $ 985,223 in 2019, when they mostly earned money through book sales, speeches, and positions at the University of Pennsylvania and Northern Virginia Community College. These income opportunities have diminished because of the campaign.
Biden’s predecessor Donald Trump has refused to release his tax returns, a precedent the new administration has rejected.
“I would expect that we would continue to release the president’s tax returns, as all presidents of the United States would expect,” White House press secretary Jen Psaki told reporters on Monday. before publication.
The Bidens donated $ 30,704 to 10 charities last year. The largest donation was $ 10,000 to the Beau Biden Foundation, a nonprofit focused on child abuse named after the president’s late son. The president has separately released his financial assets through the Government Ethics Office and has assets valued between $ 1.2 million and $ 2.88 million.
Vice President Kamala Harris and her husband, Douglas Emhoff, also released their 2020 tax returns. They paid a 36.7% rate on income of $ 1,695,225 and donated $ 27,006 to charity. . Harris was previously a United States Senator representing California, while Emhoff was an Los Angeles-based entertainment lawyer. He now teaches law at Georgetown University.
Harris also made public his financial holdings through the Government Ethics Office, showing his assets valued at between $ 1 million and $ 2.4 million. Harris also listed just under $ 359,000 in advance payments for his 2019 memoir, “The Truths We Hold.”
Biden campaigned on the transparency of his personal finances, releasing 22 years of tax returns before the 2020 election. This was a direct challenge to Trump, who for several years claimed that an audit prevented him from releasing his taxes. taxes – even though the IRS had required for more than four decades that the tax returns of a sitting president and vice president be audited.
The New York Times then obtained the tax records of the notorious billionaire and reported that he only paid $ 750 in federal income taxes during his first year in the White House. IRS figures show the average filer paid about $ 12,200 in 2017, about 16 times more than what the former president paid.
“You haven’t released a single year of your tax returns,” Biden told Trump during one of their presidential debates. “What are you hiding? “
Trump claimed – without proof – that he prepaid his taxes and believed the $ 750 was a filing fee.
The IRS does not charge an application fee.
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