The White House announced on Friday that President Joe Biden and his wife Jill declared income for 2021, their first year in the White House. It was broadly in line with the previous year at an effective federal income tax rate of 24.6 %.
The Bidens earned US$610,702 in federal adjusted gross income and paid US$150,439 in federal income tax. They claimed an income of US$607,336 the prior year when Biden was running for president.
Joe Biden’s presidential salary was US$378,333. It is somewhat less than the US$400,000 he would have earned if he hadn’t taken office on January 20. Jill Biden made $67,116 as a Northern Virginia Community College instructor. The job of the first lady is unpaid.
“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.
Former President Donald Trump, Biden’s predecessor, refused to reveal his tax returns, claiming that he was unable to do so while being audited by the Internal Revenue Service, despite the IRS claiming that he was free to do so.
The Bidens gave a total of $17,394 to ten charities, including $5,000 to the Beau Biden Foundation. It fights child abuse. The president’s son, Beau Biden, died of cancer in 2015.
Vice President Kamala Harris and her husband, Doug Emhoff, reported a federal adjusted gross income of $1,655,563. They then paid a federal income tax of $523,371 for an effective federal income tax rate of 31.6 %.
Emhoff left his law firm in 2021. The firm is repaying its partnership investment over several years, according to a White House official.
