President Joe Biden and Vice President Kamala Harris' tax returns were revealed by the White House on Friday, indicating that the first couple earned over $600,000 last year while the second couple earned over $1.6 million.
According to documents revealed by the White House on Friday, President Joe Biden and first lady Jill Biden earned $610,702 last year and paid 24.6 percent in federal taxes.
President Joe Biden, wife Jill Biden's 2021 Tax Returns
The first couple's earnings were marginally higher than the $607,336 they declared in 2020, but much lower than the over $1 million they made in 2019, due to huge sums from book sales and teaching engagements.
According to a copy of their combined form, the Bidens paid $150,439 in federal taxes and another $30,765 in their home state of Delaware. In addition, Jill Biden paid $2,721 in Virginia taxes.
The couple's federal total is lower than the $157,414 tax bill they paid in 2020, and their federal rate is also lower than what they were charged at that time (25.9 percent ). The average federal tax rate in the United States is around 14%, according to the NY Post.
In 2021, the Bidens donated $17,394 to charity, a little less than 3% of their income and slightly over half of the $30,704 they gave in 2020. The Beau Biden Foundation, named after the president's late son, received the greatest gift of $5,000.
The Bidens also published their Delaware income tax return for 2021, revealing that they paid $30,765 in state income tax. The first lady published a Virginia tax return, revealing that she paid $2,721 in state income tax in Virginia, as per Daily Mail.
VP Kamala Harris, Doug Emhoff's 2021 Tax Returns
Meanwhile, Vice President Kamala Harris and her husband, Doug Emhoff, disclosed their tax returns for 2021, showing that they earned $1,655,563 in 2021 and paid $523,371 in federal income taxes, a 31.6 percent rate.
Harris and Emhoff also had to pay $120,517 in California taxes and $2,044 in New York taxes. In 2021, the second guy, a Georgetown Law School teacher, paid $54,441 in District of Columbia income tax, and the pair gave $22,100 to charity.
In addition, Kamala Harris profited roughly $400,000 from book sales. The second family made a $319,082 long-term capital gain when they sold their San Francisco property for $860,000. It's the second year in a row that Biden has disclosed his White House tax returns, resuming a tradition that presidents make their tax returns public after previous President Donald Trump refused to do so.
Biden ran on a platform of financial openness, releasing 22 years of tax returns ahead of the 2020 race. It was a clear rebuke to Trump, who had contended for years that an IRS audit barred him from disclosing his tax returns although the IRS had demanded that the tax returns of sitting presidents and vice presidents be examined for more than four decades.
Trump's tax returns for those years, which were only made public after being acquired and published by The New York Times, indicated only $750 in federal income tax paid in 2016 and 2017, with no federal income tax paid in 10 of the 15 years prior.
The former president and his lawyers contested the allegation, stating that he paid "tens of millions" in taxes during that time period; however, they never submitted Trump's tax records to back up their assertions.
Businesses like Trump's golf courses recorded huge losses at the time, which helped offset the extra taxes Trump would have had to pay. During the 2020 election, Biden's team aired advertising comparing what Trump paid in taxes to the average middle-class American, Newsweek via MSN reported.
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