Bidens paid out 24.6% taxes on $610,702 earnings

Bidens paid out 24.6% taxes on $610,702 earnings

Bidens paid out 24.6% taxes on $610,702 earnings.

President Joe Biden and his wife, Jill, earned $610,702 during their first year in the White House and paid $150,439 in federal income taxes.

That was a tax rate of 24.6% for 2021, well over the average of around 14% for all Americans.

The totals were comparable to the Bidens’ 2020 returns when they reported earning $607,336 as he ran for president.

They reported a federal income tax rate of 25.9% then.

According to U.S. Census data, the national median household income was $67,521 in 2020.

Biden has released his tax returns from the White House for the second straight year, reestablishing a tradition that presidents make their filings public after President Donald Trump declined to do so.

This year and last were steep drops from 2019 for the Bidens, when they earned nearly $1 million, primarily from book sales, speeches and their teaching positions at the University of Pennsylvania and Northern Virginia Community College.

Jill Biden still teaches in Virginia while serving as the first lady.

The returns show Biden earning $378,333 as president– his $400,000 annual salary without the time before noon on Inauguration Day on January 20, 2021– and his wife getting $67,116 for her teaching.

The couple gave $17,394 to 10 different charitable organizations in 2021. The most significant gift was $5,000 to the Beau Biden Foundation, a nonprofit that works to combat child abuse, named for their son, Beau, who died of brain cancer in 2015 at age 46.

The Bidens also released their 2021 Delaware income tax return and reported paying $30,765 in state income tax.

The first lady released a Virginia return showing she paid $2,721 in Virginia state income tax.

Bidens paid out 24.6% taxes on $610,702 earnings

Bidens paid out 24.6% taxes on $610,702 earnings

Vice President Kamala Harris and her husband, Doug Emhoff, released their 2021 tax filings, which showed them earning $1,655,563 in 2021 and paying $523,371– a federal income tax rate of 31.6%. Harris and Emhoff also paid $120,517 in California income tax and $2,044 in New York income tax.

The second gentleman, who teaches at Georgetown Law School, paid $54,441 in District of Columbia income tax, and the couple contributed $22,100 to charity in 2021.

Biden campaigned on the transparency of his finances, releasing 22 years of tax filings ahead of the 2020 election.

It was a direct test to Trump, who argued for years that an audit prevented him from releasing his taxes– though the IRS had mandated for four-plus decades that the tax returns of sitting presidents and vice presidents be audited.

The New York Times later obtained Trump’s tax records and reported that he paid just $750 in federal income taxes during his first year in the White House.

IRS figures suggest that the average tax filer paid roughly $12,200 in 2017, about 16 times what the former president paid.

The returns were released on April 15, traditionally the deadline for paying federal taxes, and this year the deadline has been extended to Monday, April 18.

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