US President Joe Biden and his wife Jill Biden reported income of more than $600,000 (€554,820) on their 2021 federal tax returns.
The couple paid $150,439 (€139,110) in taxes after earning $610,702. That equates to a tax rate of 24.6%, the White House said.
The Bidens paid $150,439 in taxes on their 2021 earnings
Vice President Kamala Harris and her husband Doug Emhoff also released their 2021 tax returns. The couple earned $1,655,563 (€1,530,891) and paid $523,371 (€483,959) in federal income tax (31.6%).
Why are the US President’s tax returns important?
It has been customary for US presidents to publish their tax returns since the 1970s.
Former President Donald Trump has refused to release his statements. Trump served one term before being defeated by Biden in the 2020 presidential election.
Biden has campaigned on personal finance transparency and criticized Trump for not releasing his tax returns. Biden released 22 years of tax returns ahead of the 2020 election.
Trump claimed an audit prevented him from releasing his taxes.
Alongside his wife Jill, Joe Biden was sworn in as president in 2021 after defeating Trump in the 2020 election
The New York Times obtained Trump’s tax records, which showed he paid $750 (€694) in federal income tax in 2017. IRS figures indicate that the average amount of tax paid for that year was around $12,200 (€11,281).
“With this release, the President has shared a total of 24 years of tax filings with the American public, once again demonstrating his commitment to being transparent with the American people about the Commander-in-Chief’s finances,” the House said. White in a press release. statement.
A drop in revenue
2021 and 2020 have both shown declining incomes for the Bidens. In 2019, the couple earned nearly $1 million (€924,695), with sources of income including book sales and speeches.
The couple also received income from their teaching positions at the University of Pennsylvania and Northern Virginia Community College.
Jill Biden received $67,116 (€62,062) to teach at Northern Virginia Community College in 2019. She retained her post after her husband was elected president.
US presidents receive an annual salary of $400,000 (€369,878) before taxes.
sdi/jsi (AP, AFP, Reuters, dpa)