President Joe Biden and first lady Jill Biden, as well as Vice President Kamala Harris and second gentleman Doug Emhoff, had their tax returns issued by the White House on Monday.
According to a White House overview, the president and first lady filed their federal income returns together, declared a federal adjusted gross income of $607,336 and owing $157,414 in federal income tax.
Monday’s release came after former President Donald Trump became the first major-party presidential candidate since Watergate not to release any of his tax returns, citing a pending investigation as the reason.
“Today, the president released his 2020 federal income tax return, continuing an almost uninterrupted tradition,” the White House said.
According to their 1040 report, the Bidens spent $162,063 in taxes and got a $4,649 rebate, at a federal income tax rate of 25.9 percent.
They announced contributing $30,704 – or 5.1 percent of their nett profits – to ten independent causes, including their biggest charitable donation of $10,000 to the Beau Biden Foundation, a national charity named for the president’s late son Beau Biden and chaired by his widow, Hallie Biden.
According to the White House, the first family also spent $28,794 in Delaware income tax, and the first lady paid $443 in Virginia income tax.
Harris and Emhoff reported a federal adjusted gross income of $1,695,225 and paid $621,893 in federal income tax for a tax rate of 36.7%. They also reported $125,004 in paid income tax in California, while Emhoff paid $56,997 in income taxes in Washington, D.C., and the couple contributed $27,006 to charity.
In a separate financial disclosure released by the U.S. Office of Government Ethics, Biden reported little income from his role as president of an S-corporation used to coordinate speaking and writing engagements and as a professor at the University of Pennsylvania.
Biden said in a filing that the S-corporation will remain dormant and not engage in any business other than collecting royalties and Biden was on a leave of absence from the university after launching his run for president in 2019. He formally separated from the University of Pennsylvania prior to being inaugurated in January.
The first lady earned between $50,000 and $100,000 for speaking and writing engagements and received a salary as a professor at Northern Virginia Community College as well as taking a cash distribution of $63,466 from two retirement plans in Delaware.
The Bidens were also in the process of selling assets such as Invesco VI Health Care, BNY Mellon IP Technology Development, and MFS VIT Utilities, and had three active liabilities ranging $280,000 to $600,000 in 2020.
According to Harris’ tax statements, she earned about $358,000 from her 2019 novel The Truths We Hold, and she and Emhoff held between $316,000 and $665,000 in cash in their bank accounts.
They also held a stock and bond fund portfolio and had five current liabilities and two paid-off mortgages, with the majority of their remaining liabilities consisting of two mortgages ranging from $1 million to $5 million each.