The White House has released the 2020 tax returns of President Joe Biden and Vice President Kamala Harris.
President Biden and First Lady Jill Biden filed their income tax return jointly and reported federal adjusted gross income of $607,336. The Bidens paid $157,414 in federal income tax and their 2020 effective federal income tax rate is 25.9 percent.
The President and First Lady also reported donating $30,704 – or about 5.1 percent of their total income – to 10 different charities. The largest reported gift was $10,000 to the Beau Biden Foundation, a public charity dedicated to ensuring that all children are free from the threat of abuse.
The Bidens also released their Delaware income tax return and reported paying $28,794 in tax. The First Lady also released her Virginia income tax return and reported paying $443 in tax.
The return shows that Biden’s income fell dramatically from $1 million to $607,336, as he dropped lucrative speaking engagements to campaign for the White House.
With this release, the President has shared a total of 23 years of tax returns with the American public.
Vice President Kamala Harris and Second Gentleman Doug Emhoff also released their 2020 federal income tax return, as well as state income tax returns for both California and the District of Columbia.
The Vice President and the Second Gentleman reported federal adjusted gross income of $1,695,225. They paid $621,893 in federal income tax, amounting to a 2020 effective federal income tax rate of 36.7 percent. They also paid $125,004 in California income tax, while Emhoff paid $56,997 in District of Columbia income tax. They contributed $27,006 to charity in 2020.
Harris’ and Emhoff’s 2020 return shows a substantial fall in their earnings from 2019.
Including the 2020 release, the Vice President has published 17 years of tax returns.
It may be noted that former President Donald Trump had refused to release his income tax returns for the recent years despite demand from Democrats.
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