Sharjah24 – Reuters: President Joe Biden and first lady Jill Biden reported a drop in income as they filed their tax returns for 2020 on Monday, marking a return to the normal practice of releasing such information by modern U.S. presidents.
The Bidens reported income of $607,336 in 2020, down from $985,223 in 2019 due to the lack of book sales and paid speeches during the election campaign, according to their tax returns released by the White House.
During the 2020 presidential race, Biden's campaign said he and his wife made $11 million in 2017 and $4.6 million in 2018.
The Bidens paid $157,414 in federal income tax and their 2020 effective federal income tax rate is 25.9%. The most recent IRS data indicates that the average federal income tax rate is just over 14%.
The Bidens also reported holding cash and investments between $1.2 million and $2.88 million in a financial disclosure filed with the Office of Government Ethics.
The release of Biden's tax returns also comes at a time when he has pushed for raising the taxes on the wealthy to fund his infrastructure plan. Biden has proposed an increase in capital gains tax to 39.6% from 20% for those making more than $1 million a year.
"With this release, the President has shared a total of 23 years of tax returns with the American public," the White House said.
The White House also released 2020 tax returns for Vice President Kamala Harris and second gentleman Doug Emhoff. They reported a combined income of $1,695,225, most of which came from Emhoff's work at a law firm. They paid $621,893 in federal income tax at a rate of 36.7%.
Harris and Emhoff's earnings were also substantially lower from 2019, when they had $3,018,127 in income and paid $1,185,628 in taxes.
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