Bidens report earnings of over $600,000 for 2021
Washington, Apr 16: US President Joe Biden and his wife Jill Biden reported earnings of over $600,000 (€554,820) on their federal tax returns for 2021.
The couple paid $150,439 (€139,110) in taxes after earning $610,702. This is equivalent to a tax rate of 24.6%, the White House said.
Vice President Kamala Harris and her husband Doug Emhoff also released their 2021 tax returns. The pair 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 declined to publish his returns. Trump served one term before being defeated by Biden in the 2020 presidential election.
Biden campaigned on transparency of personal finances and criticized Trump for not publishing his tax returns. Biden released 22 years of tax filings ahead of the 2020 election.
Trump claimed that an audit prevented him from releasing his taxes.
The New York Times obtained Trump's tax records, which showed that he paid $750 (€694) in federal income taxes 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 returns with the American public, once again demonstrating his commitment to being transparent with the American people about the finances of the commander in chief," the White House said in a statement.
A decrease in income
2021 and 2020 both showed a drop in income for the Bidens. In 2019, the couple earned nearly $1 million (€924,695), with sources of revenue including book sales and speeches.
The pair also received income from their teaching positions at the University of Pennsylvania and Northern Virginia Community College.
Jill Biden received $67,116 (€62,062) for teaching at the Northern Virginia Community College in 2019. She maintained her position after her husband was elected president.
US presidents are granted an annual salary of $400,000 (€369,878) before taxes.
sdi/jsi (AP, AFP, Reuters, dpa)