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The President of the United States, Vice President, will publish 2021 federal tax returns

President Joe Biden and his wife, Jill, published their federal tax returns on Friday, which showed that the couple earned more than $ 600,000 last year and paid an effective federal income tax rate of 24.6%.

The Bidens also donated approx. 2.8% of its proceeds, or $ 17,384, to charity, including $ 5,000 to the Beau Biden Foundation, which works to prevent child pornography. Beau Biden, the president’s son, died of cancer in 2015.

The tradition of presidents publishing their federal tax returns was broken by Biden’s predecessor, former President Donald Trump. Trump said he could not do so while being audited by the IRS, even as the agency insisted he was free to release them.

Bidens reported $ 610,702 adjusted total federal revenue and paid $ 150,439 in federal income tax. The year before, when Biden was running for president, they reported $ 607,336 in revenue.

Biden earned $ 378,333 with his presidential salary, just below the usual $ 400,000 salary since taking office on January 20. Jill Biden earned $ 67,116 for her teaching career at Northern Virginia Community College.

The couple earned $ 103,258 in taxable interest, annuities, pensions, IRA allocations and social security benefits as well as $ 61,995 in accounting salaries.

“With this publication, the president has shared a total of 24 years of tax returns with the American public, which once again demonstrates his commitment to being transparent with the American people about the general’s finances,” he said in the White House. statement.

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

Emhoff resigned from his law firm in 2021 and the company is repaying his stake in a partnership over several years, a White House spokesman said.

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

Harris’s book sales increased in 2021 to $ 386,713.

Emhoff, who teaches Georgetown Law, and Harris earned $ 380,288 in total salary and about $ 319,000 in profits from the sale of their San Francisco home.

They put approx. 1.3% of their proceeds, or $ 22,100, to charity, according to the White House.

The President of the United States, Vice President, will publish 2021 federal tax returns

Source link The President of the United States, Vice President, will publish 2021 federal tax returns

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