February 8, 2023

President Biden and Vice President Harris release the 2021 tax report

President and First Lady Jill Biden paid The effective federal income tax rate on $ 150,439 federal income taxes is 24.6%. They donated $ 17,000 – or about 2.85% of their income – to 10 different charities. This is slightly lower than by 2020, when the Fitzgerald donated about 5% of their income.

Of the various charitable donations, the largest amount was $ 5,000, which was donated to the Pew Biden Foundation. The charity, named after the president’s late son, aims to protect children from abuse. Other organizations include the Tragedy Assistance Program for Survivors, a support group for mourning military families, as well as St. Joseph’s Church in Brandywine, Fiden’s Wilmington, Delaware.

This year Bidens will be joined by two S companies, CelticCapri Corp. And Giacoppa Corp. Earned $ 62,000 in revenue through. According to a White House official, that amount reflects that. Royalties of their previous releasesAre obtained by corporations created for their speech and writing engagements.

Fidens’ previous compound tax returns from 2020 showed that they had paid $ 607,336 in federal adjusted total income and $ 157,414 in federal income tax.

Fiden’s saw a significant drop in revenue in 2020 – when Fiden ran for the presidency, he vacated his position at the University of Pennsylvania and became less talkative. In 2019, Bidens announced a revised total income of approximately $ 985,000.

Tax reports are released on Friday, three days before the official tax filing deadline in the United States on Monday.

Vice President Kamala Harris and Second Gentleman Doug Mhoffs Returns They show that in 2021 they will have earned more than $ 1.6 million. They paid $ 523,371 in federal income tax at an effective federal income tax rate of 31.6%. Together the two donated $ 22,100 or 1.3% of their income in 2021.

In particular, they donated $ 5,000 in 2021 to CSUN (California State University, Northridge) Arts and Communications Fund, Howard University and the University of Southern California.

While paying $ 1,695,225 in AGI and $ 621,893 in taxes, the second couple’s adjusted total income equals their 2020 income.

By re-releasing their income, the Biden administration has restored the previous practice of President Richard Nixon that was interrupted when Donald Trump was in office. Trump has refused to release his tax return, repeatedly claiming he is under audit. According to the IRS, every president and vice president since the Watergate period will be guaranteed an audit each year.

“The president has shared a total of 24 tax accounts with the American people, and has once again demonstrated his commitment to being open with the American people about the commander’s financial position,” the White House said in a statement. In the latest tax returns, Harris has now released his 18-year tax return.

Maegan Vazquez of CNN contributed to this report.