Bidens paid 25.9% rate and earned $607,336, tax returns show

President Biden restored a long-standing presidential tradition Monday by releasing his tax returns, showing that 25.9% of the first couple’s income went to the federal government in 2020. The average federal income tax rate is just over 14%.

Biden and his wife, Jill, a teacher, earned $607,336 last year while he was running for president. That is down from $985,223 in 2019, when they primarily earned money from book sales, speeches and positions at the University of Pennsylvania and Northern Virginia Community College. Those income opportunities diminished because of the campaign.

The Bidens donated $30,704 to 10 charities last year. The largest gift was $10,000 to the Beau Biden Foundation, a nonprofit focused on child abuse that is named after the president’s deceased son.

Vice President Kamala Harris and her husband, Douglas Emhoff, also released their 2020 tax filings. They paid a rate of 36.7% on income of $1,695,225 and contributed $27,006 to charity.

Harris also listed just under $359,000 in advance payments for her 2019 memoir, “The Truths We Hold.”

from Boston Herald https://ift.tt/3yjKlkr