According to their yearly tax return, which was published Friday by the White House, President Joe Biden and First Lady Jill Biden earned $610,702 in income in 2021 and paid $183,925 in federal and state income taxes.
Despite the fact that their charitable contributions decreased from $30,704 in 2020 to $17,394 in the previous year, the first family’s tax return remained substantially constant from the year before. The greatest giving to a charitable organisation was a $5,000 payment to the Beau Biden Foundation, a child abuse prevention organisation created in honour of the president’s late son, Beau Biden. In addition, the president made donations to two Catholic churches in Delaware, where he is a frequent attendee at mass.
It was calculated that the Bidens’ effective federal tax rate for the previous year was 24.6 percent, and their income came mostly from Biden’s presidential salary and the first lady’s position as president of Northern Virginia Community College.
The Bidens also collected more than $52,000 in pensions and annuities, as well as more than $46,000 in Social Security payments, according to their tax returns for 2012. A total of about $62,000 in revenue was reported from the Bidens’ S-corporations, which they have used to manage the cash from their book agreements.
“The release of Biden’s tax returns marks the 24th year that he has disclosed his income to the American people,” the White House said in a statement. Biden’s commitment to being transparent with the American people about the finances of the commander in chief is “once again demonstrated,” the White House said.
While running for president and after assuming office, former President Donald Trump frequently refused to release his tax returns, claiming that doing so would put him in jeopardy with the Internal Revenue Service, which was conducting an investigation against him.
On Friday, Vice President Kamala Harris and Second Gentleman Doug Emhoff also revealed their tax returns for the year 2021, which showed $1,655,563 in income and $700,373 in state and federal taxes, according to their filing. There are other components to this figure, including the vice president’s pay, Emhoff’s compensation from his teaching position at Georgetown University, as well as partnership income earned by the second gentleman throughout his professional career at the law firms DLA Piper and Venable.
Her San Francisco penthouse, which sold for $860,000 last year, brought her $319,082 in profit, according to Harris’s financial disclosure. For charitable contributions, the second family made a total of $22,100, with the majority of the funds going to Howard University, where the vice president went to college, as well as Cal State Northridge and University of Southern California, where the second gentleman went to college and law school, respectively.