President Biden remained a millionaire last year and paid 25.9 percent in federal taxes, according to records released Monday by the White House.
Biden and first lady Jill Biden jointly earned $607,336 in 2020, according to a copy of their tax return released by the White House.
The first couple gave $30,704, or about 5 percent of their income, to charity, which helped lower their federal tax bill to $157,414. They paid nearly $29,000 in Delaware taxes.
The Bidens also reported an apparent drop in cash and investments as part of a separate disclosure to the Office of Government and Ethics, reporting between $1.2 million and $2.88 million in assets — including up to $1,780,000 in cash, down from up to $3.2 million reported last year.
The first couple earned about half of their income through pensions, annuities and Social Security payments. Much of the rest was book revenue, with Jill Biden also earning $12,681 as a teacher at Northern Virginia Community College.
Vice President Kamala Harris and her husband Douglas Emhoff, a high profile attorney, reported $1,695,225 in income, mostly from Emhoff’s work as a partner at DLA Piper. Harris took a much smaller salary as a senator. The couple paid $621,893 in federal income taxes, or about 36.7 percent.
Harris and Emhoff reported assets of between $3.1 million and $7 million.
Former President Donald Trump consistently declined to release his annual tax returns, citing federal audits, but he did release annual financial disclosure forms that provided a glimpse into trends in revenue in his business empire.
Unlike Trump, Biden worked much of his life in public office. From 1973 to 2009, he was a US senator from Delaware, a role that currently pays $174,000 per year. He was vice president from 2009 to 2017, which now pays $235,000. But he banked a windfall after leaving office, netting more than $16.5 million in 2017, 2018 and 2019, largely from speaking at colleges.
Biden earned nearly $1 million from the University of Pennsylvania from 2017 to 2019, despite appearing rarely at the Ivy League school and raked in funds as a public speaker. He took $190,000 to speak at Drew University in New Jersey, $182,000 from Lake Michigan College and $180,000 to appear at Vanderbilt University.
The Bidens’ charity giving last year included $10,000 to the Beau Biden Foundation, $5,000 to the Food Bank of Delaware and $5,000 to the International Association of Fire Fighters Foundation.
Comments