President Biden and First Lady Jill Biden had a combined income of $610,702 last year, while Vice President Harris and her husband earned more than $1.65 million, according to documents released by the White House on Friday based on the couples’ 2021 tax returns.
The president and his wife paid an effective federal income tax rate of 24.6 percent, the documents shown. Those numbers are comparable to 2020, when the Bidens made $607,336 with an effective federal income tax rate of 25.9 percent before taking office.
“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 Commander-in-Chief’s finances,” the White House said in a statement. a statement. statement.
The Bidens’ tax returns showed that Joe Biden earned $378,333 as president, a prorated amount of the $400,000 annual salary the president receives from when he took office through Jan. 20 of last year.
First Lady Jill Biden earned $67,116 from her job as a professor at Northern Virginia Community College. The president and first lady also reported earning $61,995 in book royalties.
The Bidens donated $17,394 through 10 different charities, the White House said, with the largest contribution being a $5,000 donation to the Beau Biden Foundation. The charity, named after the president’s late son, focuses on protecting children from the threat of abuse.
The president and first lady also released their state income taxes, which showed they paid $30,765 in Delaware income taxes. The first lady also reported paying $2,721 in Virginia income taxes as a result of her work with the commonwealth.
Meanwhile, Vice President Harris and her husband, Doug Emhoff, had a combined income of $1,655,563 in 2021, according to their tax returns released Friday. Documents show the second couple paid an effective federal income tax rate of 31.6 percent and paid $523,371 in federal income taxes.
The numbers for the second couple are about the same as they were in 2020, when they made a combined income of just under $1.7 million.
Harris earned $215,548 in her role as vice president, a prorated amount of the $230,700 annual salary vice presidents earn, and earned $400,000 from book sales. Emhoff earned $582,543 for her work as an attorney at the DLA Piper and Venable law firms, which she left in early 2021 when Harris took over as vice president. She also earned $164,740 teaching a class at Georgetown University School of Law.
Harris and her husband donated $22,100 to charity. Additionally, their state income taxes showed they paid $120,517 in California income taxes and $2,044 in New York income taxes. Emhoff individually also paid $54,441 in Washington, DC, income tax.
Biden has released his tax returns in each of his first two years in office, and he did so while campaigning for president. Former President Trump broke with decades of tradition by refusing to release his tax records as a candidate or while in office, claiming that he was under audit at all times. Experts repeatedly pointed out that he could have released his statements regardless of whether he was under audit.
Reference-thehill.com