Wednesday, November 30, 2022

US President, Vice President release 2021 federal tax returns

President Joe Biden and his wife, Jill, released their federal tax returns on Friday, showing the couple made more than $600,000 last year and pay an effective federal income tax rate of 24.6%.

The Bidens donated about 2.8% of their income, or $17,384, to charity, including $5,000 to the Beau Biden Foundation, which works to prevent child abuse. The president’s son Beau Biden died of cancer in 2015.

The tradition of presidents making their federal tax returns public was broken by Biden’s predecessor, former President Donald Trump. Trump said he was not able to do so while being audited by the Internal Revenue Service, even as the agency claimed it was free to release him.

The Bidens reported federal adjusted gross income of $610,702 and paid $150,439 in federal income tax. Last year, when Biden was running for president, he reported $607,336 in income.

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Biden earned $378,333 along with his presidential salary, slightly less than his usual $400,000 salary as he entered office on January 20. Jill Biden earned $67,116 from her job teaching at Northern Virginia Community College.

The couple earned $103,258 of taxable interest, pension, annuity, IRA distributions and Social Security benefits, as well as $61,995 in book royalties.

The White House said, “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.” is.” Statement.

Vice President Kamala Harris and her husband, Doug Emhoff, reported federal adjusted gross income of $1,655,563, paying $523,371 in federal income tax for an effective federal income tax rate of 31.6%, the White House said.

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A White House spokesman said Emhoff resigned from his law firm in 2021 and that the firm is paying off his partnership stake over several years.

Last year he received $582,543 from the law firm DLA Piper, which he left last year, and Venable, which he left in 2017.

Sales of Harris’ books increased in 2021 and made a net profit of $386,713 on them.

Emhoff and Harris, who taught at Georgetown Law, earned $380,288 in combined salaries and about $319,000 in profit from the sale of their home in San Francisco.

According to information from the White House, he donated about 1.3% of his income, or $22,100, to charity.

This article is republished from – Voa News – Read the – original article.

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