President Biden publishes the federal tax return for 2020
WASHINGTON – President Joe Biden and First Lady Jill Biden said they earned $ 607,336 and paid $ 157,414 in federal income taxes last year. This is evident from the 2020 tax returns published on Monday, a year-over-year decline in income.
The White House released the Bidens and Vice President Kamala Harris and second Mr. Doug Emhoff’s tax returns, coinciding with Monday’s extended deadline for paying federal income taxes.
Transparency restores a White House tradition broken by former President Donald Trump, who refused to publish his tax returns as President. It is the 23rd year of Biden’s published tax return.
“I would expect that we will continue to publish the president’s tax returns,” said Jen Psaki, White House press secretary, at the press conference on Monday, “as should be expected of any president of the United States.”
The Bidens, who jointly filed their tax returns, had an effective federal income tax rate of 25.9%. The average rate for all Americans is 14.6%.
The Bidens also said they paid $ 28,794 in Delaware income tax in separate state income tax returns that were released. Additionally, Jill Biden published her Virginia income tax return, reporting that she paid $ 443 in Virginia income tax.
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Harris and Emhoff reported federal adjusted gross income of $ 1,695,225 in 2020 and paid $ 621,893 in federal income tax, an effective federal tax rate of 36.7%.
The 2020 tax returns cover a period in which Biden was running for president and Harris, then a U.S. Senator from California, was running as Biden’s fellow campaigner.
More than a third of the Biden’s reported $ 252,035 income came from pensions. The Bidens earned an additional $ 212,681 from Giacoppa Corp., a company founded by the Bidens. The couple reported $ 45,836 and $ 12,861 in Social Security benefits from Northern Virginia Community College, where Jill Biden teaches English.
The Bidens said they donated $ 30,704 to nonprofits in 2020, which is 5.1% of their income. Her largest nonprofit contribution, $ 10,000, went to the Beau Biden Foundation, a charity named after the president’s late son, to help ensure children are free from abuse. Biden donated $ 5,000 each to the Food Bank of Delaware and the International Association of Fire Fighters Foundation, and $ 1,000 to St. Joseph on the Brandywine, the Catholic Church he and the First Lady regularly attend in Wilmington, Delaware.
In 2019, Biden paid $ 287,693 in federal income tax and reported an adjusted gross income of $ 985,233. The Biden campaign released tax returns for 2019 hours before his first debate with Trump in September.
Harris and Emhoff paid $ 125,004 in California income tax in 2020, and Emhoff paid $ 56,997 in District of Columbia income tax. The second couple said they paid $ 27,006 to charity in 2020 – 1.6% of their total income.
More:How Trump’s taxes compare to other presidents in his first year in office
Trump refused to release his tax records when he ran for president in 2016. During his four-year tenure, he broke a 40-year tradition of presidents sharing their tax returns with the public in one form or another. Trump used the excuse that due to an audit by the Internal Revenue Service, he couldn’t reveal it. However, an audit does not prevent a president from making his records public.
The New York Times announced last September that it had received copies of Trump’s tax filings showing that he paid only $ 750 in federal income taxes in 2016 and 2017, and no income tax at all for 10 of the last 15 years Has. The records also showed Trump was plagued by hundreds of millions of personal debts that would fall due within the next four years, the newspaper said.
Trump dismissed the report as “totally false news”, claiming, without producing any evidence, that he paid taxes.
Joey Garrison and Michael Collins cover the White House. Reach out to Garrison on Twitter @joeygarrison and Collins @mcollinsNEWS.