U.S. President Joe Biden’s predecessor, Donald Trump, declined to release his tax returns, a precedent the new administration rejected.
U.S. President Joe Biden on Monday re-established a long presidential tradition by publishing his tax returns, showing that 25.9% of the first couple’s income went to the federal government in 2020. The average rate of the federal income tax is just over 14%.
Biden and his wife, Jill, a teacher, earned $ 607,336 last year while running for president. That fell to $ 985,223 in 2019, when they earned mostly money from the sale of books, speeches, and charges at the University of Pennsylvania and northern Virginia Community College. These revenue opportunities declined due to the campaign.
Biden’s predecessor, Donald Trump, refused to publish his tax returns, a precedent that the new administration rejected.
“I would expect us to continue publishing the president’s tax returns, as every U.S. president should expect,” White House press secretary Jen Psaki told reporters on Monday.
Last year the Bidens donated $ 30,704 to 10 charities. The largest gift was $ 10,000 to the Beau Biden Foundation, a nonprofit organization focused on child abuse that bears the name of the president’s late son.
Vice President Kamala Harris and her husband, Douglas Emhoff, also released their tax returns for 2020. They paid a 36.7 percent income tax rate of $ 1,695,225 and contributed $ 27,006 to charity. . Harris was previously a U.S. senator representing California, while Emhoff was a Los Angeles-based entertainment lawyer. He is now a law professor at Georgetown University.
Biden campaigned for transparency in his personal finances, releasing 22 years of taxes before the 2020 election. It was a direct challenge to Trump, who claimed for several years that an audit prevented him from releasing his taxes. , although the IRS had ordered for more than four decades that the statements of an incumbent president and vice president be heard.
The New York Times later obtained tax records from the acclaimed billionaire and reported that he paid only $ 750 in federal income taxes during his first year in the White House. IRS figures indicate that the average prosecutor paid about $ 12,200 in 2017, about 16 times more than the former president paid.
“You haven’t posted a single year of statements,” Biden told Trump in one of his presidential debates. “What are you hiding?”
Trump claimed, without proof, that he had paid his taxes in advance and that he thought the $ 750 was a filing fee.
The IRS does not charge filing fees.