President Joe Biden and Vice President Kamala Harris’ tax returns were revealed by the White House on Friday, revealing that the first couple earned moreover $600,000 and the second couple earned more than $1.6 million in 2021.
President Barack Obama and first lady Jill Biden paid federal income taxes totaling $150,439 at an effective federal income tax rate of 24.6 percent. Additionally, they donated little more than $17,000 – or around 2.85% of their income – to ten separate charities. This is a minor decrease from 2020 when the Bidens donated approximately 5% of their income.
The largest donation, $5,000, was made to the Beau Biden Foundation. The nonprofit, which bears the President’s late son’s name, is dedicated to preventing child abuse. Additionally, the couple donated to the Tragedy Assistance Program for Survivors, a ministry that provides support to mourning military families, as well as St. Joseph on the Brandywine, a Catholic church in Wilmington, Delaware that the Bidens attend.
The Bidens collected $62,000 this year through two S businesses, CelticCapri Corporation and Giacoppa Corporation. According to a White House official, the sum represents royalties from earlier publications obtained through the firms formed for their speaking and writing commitments.
The release of the tax returns on Friday comes three days before Monday’s official US tax filing deadline.
Vice President Kamala Harris and Second Gentleman Doug Emhoff earned more than $1.6 million in 2021, according to their tax forms. They paid $523,371 in federal income taxes at a 31.6 percent effective federal income tax rate. In 2021, they combined to donate $22,100 to charity, or around 1.3 percent of their salary.
They made $5,000 monetary contributions to three of their alma maters in 2021: the CSUN Arts and Communications Fund, Howard University, and the University of Southern California.
The second couple’s adjusted gross income is comparable to their 2020 return when they reported an adjusted gross income of $1,695,225 and owed $621,893 in taxes.
By reissuing their returns, the Biden administration has revived a practice that dates all the way back to President Richard Nixon but was suspended under Donald Trump’s presidency. Trump has frequently refused to reveal his tax returns, claiming he is under audit. Since the Watergate era, the IRS has guaranteed every president and the vice president an annual audit.
“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 alongside the release of the latest tax returns, adding that Harris has now published 18 years of her tax returns.
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