Washington : US President Joe Biden and Vice-President Kamala Harris have released their tax returns.
The President released his 2020 federal income tax return, continuing an almost uninterrupted tradition. With this release, the President has shared a total of 23 years of tax returns with the American public, the White House said on Monday.
The President and the First Lady filed their income tax return jointly and reported federal adjusted gross income of USD 607,336. The Bidens paid USD 157,414 in federal income tax and their 2020 effective federal income tax rate is 25.9 per cent, it added.
The President and First Lady also reported donating USD 30,704 – or about 5.1 per cent of their total income – to 10 different charities. The largest reported gift to charity was $10,000 to the Beau Biden Foundation, a public charity dedicated to ensuring that all children are free from the threat of abuse.
The Vice-President and the Second Gentleman also released their 2020 federal income tax return, as well as state income tax returns for both California and the District of Columbia. Including today’s release, the Vice- President has published 17 years of tax returns, the White House informed.
They reported federal adjusted gross income of USD 1,695,225. They paid USD 621,893 in federal income tax, amounting to a 2020 effective federal income tax rate of 36.7 per cent. They also paid USD 125,004 in California income tax and Mr. Emhoff paid $56,997 in District of Columbia income tax. They contributed $27,006 to charity in 2020.