From left: President Joe Biden and First Lady Dr. Jill Biden walk on the Ellipse on May 23 in Washington, D.C.Photo: Tasos Katopodis/Getty
That amounts to roughly 25% in income tax on their $610,702 in earnings, which includes the president’s annual salary of $400,000 as well as income from Social Security, pensions and two corporations created for the Bidens' various speaking and writing engagements. (As first lady, Dr. Biden does not earn a salary, though she continues to teach, too.)
Separately, the president and first lady released their Delaware income tax return, on which they reported paying $30,765 in state income tax.
Dr. Biden, 70, also released her Virginia income tax return on which she reported paying $2,721 in income tax there from her work as a teacher at Northern Virginia Community College.
With the latest release, the White House said that the president, 79, “has shared a total of 24 years of tax returns with the American public, once again demonstrating his commitment to being transparent with the American people about the finances of the commander in chief.”
The White House noted that the Bidens reported contributions of $17,394 to 10 different charities, including a $5,000 gift to Beau Biden Foundation, a public charity focused on keeping children free from the threat of abuse (and named for their late son).
President Biden’s taxes released last year showed a similar financial picture, with the couple jointly earning $607,336 in 2020 and owing $157,414 — or 26% of their income — in federal income tax.
In that release of the first couple’s taxes, the White Houseoffered a thinly-veiled allusionto former PresidentDonald Trump, who never released his taxes during his four years in office in a highly unusual break with tradition.
The New York Timeslast year published a series of articles analyzing some of Trump’s leaked tax information, the reporting of which the former president dismissed as “totally fake news.”
TheTimesreport analyzed 18 years' worth of tax returns for Trump and his businesses going back to 2000, finding that he paid zero income taxes in 10 of those years. According to the paper, it was “largely because he reported losing much more money than he made.”
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Also on Friday, Vice PresidentKamala Harrisand her husbandDoug Emhoffreleased their joint federal return along with state income tax returns for California, New York and the District of Columbia.
Harris and Emhoff, both 57, reported federal adjusted gross income of $1,655,563 and paid $523,371 in federal income tax, or an effective rate of 31.6%, per the White House.
source: people.com
