Politics

Biden issues tax return, reports paying 24.6% rate


The release comes ahead of the April 18 filing deadline and marks the continuation of what was a decades-old tradition of presidents voluntarily releasing their tax returns that had been shattered by former President Donald Trump.

The administration said the statement demonstrates “the president’s commitment to being transparent with the American people about the commander-in-chief’s finances.”

The bulk of the Bidens’ income came from his presidential salary, which, at $378,333, was cut from the usual $400,000 to account for his taking office last year on Jan. 20.

They brought in about $67,000 from Jill Biden teaching at Northern Virginia Community College.

Another $62,000 came from royalties from books published before administration began. They reported $53,000 in retirement benefits, due to his service in Congress, and $46,000 in Social Security benefits.

They were hit with a pair of surtaxes on the well-to-do, to the tune of around $2,000, that were imposed as part of the Affordable Care Act, which Biden helped enact.

They were also hit by the $10,000 cap on state and local tax deductions Republicans imposed as part of the 2017 tax cuts.

The Bidens gave to 10 organizations, with most — $5,000 — going to the Beau Biden Foundation, named after their son. They have also donated to Holy Trinity Catholic Church, Westminster Presbyterian Church, and St. Joseph on the Brandywine, among others.

The Bidens did not get a tax refund, owing $1,752 when they returned.

Vice President Kamala Harris and her husband said they paid $523,371 in federal taxes on $1,655,563 in income. This is an effective rate of 31.6%.

They donated $22,100 to charity.


Politico

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