WASHINGTON (AP) – President Biden has said the rich should pay more in taxes, with the federal government accounting for 25.9% of the first couple’s income in 2020.
Biden on Monday revived the long-standing presidential tradition of exempting his tax returns, another difference from his predecessor, former President Donald Trump.
Biden and his wife, Ill, earned $ 607,336 last year when he ran for president. That’s down from $ 985,223 in 2019, when they were mostly earning money from book sales, lectures, positions at the University of Pennsylvania, and Community College in Northern Virginia.
Recent IRS data show that the federal median income tax rate is over 14%.
“I expected that we would continue to publish the president’s tax returns, as every president in the United States should have expected,” White House spokesman En Psaki told reporters Monday before his release.
Last year, the Bidens donated 30 charities to 10 charities. The largest donation was $ 10,000 to the Beau Biden Foundation, a nonprofit organization focused on child abuse named after the president’s dead son.
Vice President Kamala Harris and her husband, Douglas Emhoff, also announced their tax returns for 2020. They paid a 36.7% rate on $ 1,695,225 in income and invested $ 27,006 in charity.
Biden campaigned on transparency of his personal finances, releasing 22 years of tax returns ahead of the 2020 election. It was a direct challenge to Trump, who for several years argued that the audit prevented him from exempting his taxes, even though the IRS had forced him to sit for more than four decades to review the tax returns of the president and vice president.
The New York Times later obtained the billionaire billionaire’s tax records, stating that he paid only $ 750 in federal income tax during his first year in the White House. IRS figures show that the average taxpayer paid about $ 12,200 in 2017, about 16 times more than the former president paid.
“You have not issued a single year of your tax returns,” Biden told Trump during one of their presidential debates. “What are you hiding?”
Trump, without evidence, claimed that he had paid his taxes in advance; he thinks that $ 750 is a court payment.
The IRS does not charge filing fees.