Biden's tax forms show he and the First Lady earned $610,702 in 2021

WASHINGTON — President Biden and his wife said Friday they made $610,702 in 2021, almost the same amount the couple said they made won l...

WASHINGTON — President Biden and his wife said Friday they made $610,702 in 2021, almost the same amount the couple said they made won last yearaccording to copies of their tax returns made public by the White House.

The release of their statement – ​​which comes just days before Monday’s deadline for Americans to file their taxes with the IRS – shows Mr Biden and First Lady Jill Biden paid $150,439 in federal income tax, for an effective rate of 24.6%. .

Most of the money Mr. Biden and his wife earned came from his $400,000 annual salary to be president and two pensions. It also brought in nearly $62,000 from a Bidens-controlled S Corporation, which received money in 2021 from two publishing houses, Simon & Schuster and Flatiron Books. An S corporation is a small business designation that allows business income, credits, and deductions to pass through to shareholders.

The president and first lady donated $17,394 to 10 charities, including a $5,000 donation to the Beau Biden Foundation, a nonprofit that works to protect children from abuse and is named in honor of the president’s son who died of brain cancer in 2015.

Presidents have routinely released their federal tax returns since Richard M. Nixon began doing so while in office. The only exception was former President Donald J. Trump, who refused to reveal his returns and fought fierce battles with Congress and the courts to keep the returns private.

The New York Times tax documents obtained for the former president in 2020. Documents showed that Mr. Trump only paid $750 in federal income taxes the year he won the presidency and an additional $750 in the first year of its mandate. The documents revealed that Mr Trump had paid no income tax in 10 of the previous 15 years, largely because he said he lost far more money than he made .

In February, the The Supreme Court ruled that New York prosecutors investigating his business dealings could obtain his tax returns and other documents.

The Bidens also paid $30,765 in Delaware income taxes, according to the documents released Friday. Dr. Biden also filed a Virginia tax return showing she paid $2,721 in income tax in that state, where she teaches at Northern Virginia Community College.

The White House also released the tax returns of Vice President Kamala Harris and her husband, Doug Emhoff.

The couple reported earning $1,655,563 and paying $523,371 in federal income tax, a rate of 31.6%. They also paid $120,517 in California income tax and $2,044 in New York income tax, according to the White House. Mr. Emhoff, who is an entertainment attorney, also paid $54,441 in District of Columbia income tax.

Their tax returns show the couple made money from the sale of a California property for $860,000 and income from Ms Harris’ memoir published in 2019, “The Truths We Hold: An American Journey.”

The second couple donated $22,100 to charity in 2021, according to tax returns.

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Newsrust - US Top News: Biden's tax forms show he and the First Lady earned $610,702 in 2021
Biden's tax forms show he and the First Lady earned $610,702 in 2021
Newsrust - US Top News
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