Biden and Kamala release their tax returns: President and Jill paid $150,439 on $610,702 and the VP and Doug handed over $523,371 after earning $1.65 MILLION in 2021
- The Bidens published their tax return on Friday showing they earned $610,000
- Like last year, it shows how they gave up lucrative gigs in the White House
- But Kamala Harris and her husband raked in more than $1.6 million
- Much of their income came from the second gentleman who works as a lawyer
The White House released President Joe Biden and Vice President Kamala Harris’s tax returns on Friday, revealing that the first couple made more than $600,000 last year and the second couple raked in more than $1.6 million.
Biden and his wife Jill earned earned $610,702 during their first full year in the White House and paid $150,439 in federal income taxes – at an effective tax rate of 24.6 percent for 2021, well over the average of about 14 percent.
The totals were similar to the Bidens’ 2020 returns, when they reported earning $607,336 as he ran for president, but were way down on the year before when they were free to benefit from other more lucrative lines of work.
Even so they earned considerably more than the national median household income of $67,521 in 2020, according to U.S. Census data.
‘With this release, the president 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 said in a statement.
Both this year and last were steep drops from 2019 for the Bidens, when 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 couple gave $17,394 to 10 different charities in 2021. The largest gift was $5,000 to the Beau Biden Foundation, a nonprofit that works to combat child abuse named for their son, Beau, who died of brain cancer in 2015 at age 46.
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 taxes. That was a rate of 24.6% for 2021, well over the average of around 14 percent
The totals were similar to the Bidens’ 2020 returns, when they reported earning $607,336 as he ran for president
The Bidens also released their 2021 Delaware income tax return and reported paying $30,765 in state income tax there. The first lady released a Virginia return showing she paid $2,721 in Virginia state income tax.
Vice President Kamala Harris and her husband, Doug Emhoff, released their 2021 tax filings, which showed them earning $1,655,563 in 2021 and paying $523,371 – a federal income tax rate of 31.6 percent.
Harris and Emhoff also paid $120,517 in California income tax and $2,044 in New York income tax.
The second gentleman, who teaches at Georgetown Law School, paid $54,441 in District of Columbia income tax, and the couple contributed $22,100 to charity in 2021.
Harris also made nearly $400,000 in profit from book sales. The second family sold their San Francisco home for $860,000, resulting in a long-term capital gain of $319,082.
It’s the second straight year Biden has released his tax returns from the White House, reestablishing a tradition that presidents make their filings publicly available after former President Donald Trump failed to do so.
Biden campaigned on the transparency of his personal finances, releasing 22 years of tax filings ahead of the 2020 election.
It was a direct challenge to Trump, who argued for years that an audit prevented him from releasing his taxes – though the IRS had mandated for four-plus decades that the tax returns of sitting presidents and vice presidents be audited.
The New York Times later obtained Trump’s tax records and reported that he paid just $750 in federal income taxes during his first year in the White House. IRS figures indicate that the average tax filer paid roughly $12,200 in 2017, about 16 times what the former president paid.
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