President Joe Biden has revived the tradition that presidents open their tax documents after former President Donald Trump refused to do so.
WASHINGTON – President Joe Biden and his wife Jill earned $ 610,702 in their first year at the White House and paid $ 150,439 federal income taxes. This was a tax rate of 24.6% for 2021, which is much higher than the average of about 14% for all Americans.
The overall results were similar to Biden’s return in 2020when they reported that he earned $ 607,336 when running for president. They reported Fr. federal income tax then the rate is 25.9%.
According to the U.S. Census, in 2020 the average national income of households was $ 67,521.
This is the second year in a row Biden has published his tax returns from the White House, reviving the tradition that presidents publish their documents after President Donald Trump refused to do so.
Both this year and last, Biden has fallen sharply since 2019, earning nearly $ 1 million, primarily from book sales, speeches and his teaching positions at the University of Pennsylvania and Public College of Northern Virginia.
Jill Biden still teaches in Virginia as the First Lady. Revenue shows Biden earned $ 378,333 as president – his annual salary of $ 400,000 minus the time until noon on the day of his inauguration on January 20, 2021 – and his wife received $ 67,116 for teaching.
In 2021, the couple donated $ 17,394 to 10 different charities. The biggest gift is $ 5,000 to the Bo Biden Foundation, a nonprofit anti-child abuse organization named after their son Bo, who died of brain cancer in 2015 at the age of 46.
Biden also released its Delaware income tax return for 2021 and said it had paid $ 30,765 in state income tax there. The First Lady published a Virginia declaration stating that she had paid $ 2,721 in Virginia income tax.
Vice President Kamala Harris and her husband Doug Emhoff have published tax documents for 2021, which show that they earned $ 1,655,563 in 2021 and paid $ 523,371 – a federal income tax rate of 31.6%. Harris and Emhoff also paid $ 120,517 in income tax in California and $ 2,044 in income tax in New York.
The second gentleman who teaches at Georgetown Law Schoolpaid $ 54,441 in income tax in the District of Columbia, and the couple contributed $ 22,100 to charity in 2021.
Biden campaigned for the transparency of his personal finances by publishing tax documents for the 22 years before the 2020 election. It was a direct challenge to Trump, who for years claimed that the audit did not allow him to exempt taxes – although the IRS for more than four decades ordered an audit of tax returns of incumbent presidents and vice presidents.
The New York Times later received Trump’s tax documents and reported that he did paid only $ 750 in federal income tax in his first year at the White House. IRS data show that the average tax paid was about $ 12,200 in 2017, which is about 16 times more than the former president paid.
The declarations were released on April 15, traditionally the deadline for paying federal taxes. This year the deadline has been extended to Monday, April 18.