They had three more days to publish them. President Joe Biden and his wife, Jill, reported $610,702 in income to the Internal Revenue Service (IRS), the federal agency that collects income taxes, for 2021, a the White House announced, Friday April 15. The statements were released days before the federal tax payment deadline, which this year was set for Monday, April 18. With a tax rate of 24.6%, the presidential couple paid $150,439 in income tax, details the US executive.
In 2020, during the presidential campaignJoe and Jill Biden had reported $607,336 in income and their tax rate was 25.9%.
The national median household income was $67,521 in 2020, and the median tax rate is about 14%, according to US Census data.
Income down since 2019
The Biden couple’s reported earnings for 2020 and 2021 were down sharply from 2019, when they made nearly $1 million, mostly from book sales, speeches and their teaching positions — he at the University of Pennsylvania, she at a college in Northern Virginia, Northern Virginia Community College, where he still teaches.
The statements show that Mr. Biden earned $378,333 as president — his annual salary of $400,000 minus the time until the day and time of his inauguration on January 20, 2021 at noon — and that his wife received $67,116 for her education. The couple donated $17,394 to ten different charities in 2021. The largest donation was $5,000 to the Beau Biden Foundation (named for the president’s first son), a nonprofit that fights child abuse.
The Bidens also released their 2021 Delaware tax return, where they said they paid $30,765 in income taxes. The first lady released a statement from the state of Virginia showing that she paid $2,721 in income taxes there.
Bet on transparency
Joe Biden campaigned on transparency in his personal finances, releasing 22 years of tax returns ahead of the 2020 election, launching a i challenge donald trumpwho for years argued that an audit prevented him from making his tax situation public, despite the fact that the IRS has required for more than forty years that the tax returns of acting presidents and vice presidents be disclosed.
In 2020, the New York Times obtained Trump’s tax records and revealed that he paid only $750 in federal income taxes during his first year in the White House.
Vice President Kamala Harris and her husband Douglas Emhoff released their 2021 tax returns. They earned $1,655,563 and paid $523,371 in taxes, a federal tax rate of 31.6%. Mrs. Harris and Mr. Emhoff also paid $120,517 in California income taxes and $2,044 in New York income taxes. The latter, who teaches at Georgetown Law School, paid $54,441 in District of Columbia income taxes and the couple donated $22,100 to charity in 2021.