President and First Lady Jill Biden paid $ 150,439 in federal income taxes at an effective federal income tax rate of 24.6 percent. They also donated just over $ 17,000 – or about 2.85% of their income – to 10 different charities. This is slightly lower than 2020, when Biden donated about 5% of its revenue.
Of the various charitable donations, the largest amount is $ 5,000, donated to the Bo Biden Foundation. The charity, named after the president’s late son, aims to protect children from violence. Other organizations the couple has provided include the Survivors’ Tragedy Assistance Program, a group that offers support to grieving military families, and St. Joseph of Brandiwine, a Catholic church Biden attends in Wilmington, Delaware.
This year, Bidens earned $ 62,000 in revenue from two S corporations, CelticCapri Corp. and Giacoppa Corp. According to a White House official, this amount represents remuneration from their previous publications, which are received through corporations created for their engagements in speaking and writing.
Biden’s previous joint tax return of 2020 showed that they reported a federal adjusted gross income of $ 607,336 and owed $ 157,414 in federal income tax.
Biden saw a significant drop in income in 2020 – when Biden ran for president, vacated his job at the University of Pennsylvania and participated in fewer speeches. In 2019, Bidens reported adjusted gross income of about $ 985,000.
The release of tax returns on Friday comes three days before the official deadline for filing taxes in the United States on Monday.
The incomes of Vice President Kamala Harris and Second Gentleman Doug Emhoff show they earned more than $ 1.6 million in 2021. They paid $ 523,371 in federal income tax at an effective federal income tax rate of 31.6 percent. Together, they donated $ 22,100 to charity in 2021, or about 1.3 percent of their income.
In particular, they contributed $ 5,000 in cash to three of their alma mater in 2021: the CSUN Arts and Communications Foundation (California State University, Northridge), Howard University and the University of Southern California.
The adjusted gross income of the second pair is approximately equal to their return for 2020, when they report $ 1,695,225 in AGI and owe $ 621,893 in taxes.
By releasing their return, the Biden administration resumed a practice dating back to President Richard Nixon that was suspended while Donald Trump was in office. Trump has refused to release his tax returns, repeatedly claiming to be under audit. According to the IRS, every president and vice president has a guaranteed audit every year since the Watergate era.
“The president has shared a total of 24 tax returns with the American public, once again demonstrating his commitment to being transparent with the American people about the commander-in-chief’s finances,” the White House said in a statement. of recent tax returns, adding that Harris has already published 18 years of her tax returns.
Megan Vazquez of CNN contributed to this report.
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