Bidens paid 24.6% in tax on $ 610,702 earnings, showing returns

WASHINGTON (AP) – President Joe Biden and his wife, Jill, earned $ 610,702 during their first year in the White House and paid $ 150,439 in federal income tax. That was a tax rate of 24.6% for 2021, well above the average of about 14% for all Americans.

The total numbers corresponded to Bidens’ 2020 return when they reported earning $ 607,336 when he ran for president. They reported a federal income tax rate of 25.9% at the time.

The national median household income was $ 67,521 by 2020, according to US Census data.

This is the second year in a row that Biden has released his tax returns from the White House, re-establishing a tradition of presidents publishing their applications after President Donald Trump refused to do so.

Both this year and last were steep falls from 2019 for Bidens, where they earned nearly $ 1 million, primarily from book sales, speeches and their teaching positions at the University of Pennsylvania and Northern Virginia Community College.

Jill Biden still teaches in Virginia while serving as First Lady. The returns show that Biden earns $ 378,333 as president – his $ 400,000 annual salary minus the time before dinner on inauguration day on January 20, 2021 – and his wife receives $ 67,116 for his tuition.

The couple donated $ 17,394 to 10 different charities in 2021. The largest donation was $ 5,000 to the Beau Biden Foundation, a nonprofit organization that works to combat child abuse named after their son, Beau, who died of brain cancer in 2015 at the age of 46.

Bidens also released their 2021 Delaware tax return and reported paying $ 30,765 in state income tax there. The first lady released a Virginia return that showed she paid $ 2,721 in income tax in the state of Virginia.

Vice President Kamala Harris and her husband, Doug Emhoff, released their 2021 tax applications, which showed 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 California income tax and $ 2,044 in New York income tax.

The other gentleman who teaches at Georgetown Law Schoolpaid $ 54,441 in District of Columbia income tax, and the couple contributed $ 22,100 to charity in 2021.

Biden campaigned for the transparency of his personal finances and released 22 years of tax applications ahead of the 2020 election. It was a direct challenge to Trump, who for years claimed an audit prevented him from releasing his taxes – even though the IRS had given mandate for four plus decades that the tax returns of incumbent presidents and vice presidents should be revised.

The New York Times later obtained Trump’s tax records and reported that he only paid $ 750 in federal income tax. during his first year in the White House. IRS figures indicate that the average tax registrar paid about $ 12,200 in 2017, about 16 times what the former president paid.

The returns were released on April 15, traditionally the deadline for paying federal taxes. This year, the deadline has been extended to Monday, April 18th.

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