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President Biden and Vice President Harris release their 2021 tax returns

President and First Lady Jill Biden paid $150,439 in federal income tax at an effective federal tax rate of 24.6%. They’ve also donated just over $17,000 — or about 2.85% of their earnings — to 10 different charities. That’s down slightly from 2020, when the Bidens donated about 5% of their earnings.

Among the various charitable donations, the largest sum was $5,000, donated to the Beau Biden Foundation. The charity, named after the president’s late son, aims to protect children from abuse. Other organizations the couple donated include the Tragedy Assistance Program for Survivors, a group that provides support to bereaved military families, as well as St. Joseph on the Brandywine, a Catholic church the Bidens attend in Wilmington, Delaware. .

This year, the Bidens earned $62,000 in revenue from two S corporations, CelticCapri Corp. and Giacoppa Corp. According to a White House official, this amount represents royalties from their previous publications, which are collected through the companies created for their speaking and writing engagements.

The Bidens’ previous 2020 joint tax return showed they reported adjusted federal gross income of $607,336 and owed $157,414 in federal income tax.

The Bidens saw a significant drop in earnings in 2020 — when Biden ran for president, left his post at the University of Pennsylvania, and attended fewer conferences. In 2019, the Bidens reported adjusted gross income of about $985,000.

Friday’s release of tax returns comes three days before Monday’s official tax filing deadline in the United States.

Statements from 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 a tax rate federal workforce of 31.6%. Together, they donated $22,100 to charity in 2021, about 1.3% of their income.

Specifically, they made cash contributions of $5,000 to three of their alma maters in 2021: the CSUN (California State University, Northridge) Arts and Communications Fund, Howard University, and the University of Southern California.

The second couple’s adjusted gross income is roughly equal to their 2020 return, when they reported $1,695,225 in AGI and owed $621,893 in taxes.

By re-releasing their statements, the Biden administration reinstated a practice dating back to President Richard Nixon that had been discontinued while Donald Trump was in office. Trump has refused to release his tax returns, repeatedly saying he was being audited. According to the IRS, every president and vice president has been guaranteed an audit every year since the Watergate era.

“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 White House said in a statement. accompanying the press release. of the latest tax returns, adding that Harris has now released 18 years of his tax returns.

CNN’s Maegan Vazquez contributed to this report.


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