US President Joe Biden, and Jill Biden, First Lady, released tax returns for 2020 on Friday. They claimed a combined income of $610 702 in 2021. The couple reportedly paid $154,439 in federal income tax, $30,765 state taxes to Delaware and $2,721 income taxes for Virginia where Jill Biden teaches at Northern Virginia Community College.
The Bidens’ reported income was similar to that claimed in 2020, when they also claimed to have made just over $600,000. The president’s salary is $400,000, plus an expense account of approximately $50,000, as set by Congress. The rate at which they were subject to tax was 24.6%.
They reported an income in 2019 of $985 223 and a loss of earning power of $1,923.
Douglas Emhoff, Vice President Kamala Harris, and Kamala Harris, her husband, also revealed their tax returns. They reportedly earned $1.7 million, on which $523,371 was federal income taxes. This is a 31.6% rate.
Biden praised his own transparency in a statement released on Friday, declaring “The president shared 24 years worth of tax returns with Americans, a sign of his determination to be transparent about finances with American citizens..”
Richard Nixon established a presidential tradition that allowed tax returns to be released. There is also a long tradition of auditing presidents. Biden’s predecessor Donald Trump did not release his returns, claiming they could not be made public because he was already being audited. Trump gave his entire presidency salary to charity while in office.
Biden is accused of tax dodging, having used an exemption to dodge paying payroll taxes in excess of half a million. The pair have also reportedly used Delaware’s notoriously friendly corporate privacy laws to hide their financial information from the public.
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The ex-VP made at most $17.3 million from book sales and speaking fees during the four years he was out of office, between Obama’s administration and 2020.
His relatives also used the family name to be extremely wealthy. Most notable was Hunter Biden who cashed out with a monthly five-figure salary as a board member of Ukrainian energy company Burisma, despite having no prior experience in this industry. Hunter is under investigation over alleged financial transactions in China. However, the president insists that Hunter did not do any illegal acts.
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