Time Plus News

Breaking News, Latest News, World News, Headlines and Videos

Biden and Harris release their tax returns

President Biden and First Lady Jill Biden earned a total of $579,514 and paid $169,820 in 2022 for an effective federal tax rate of 23.8%, according to copies of returns obtained on Tax Day.

That’s slightly less than the Bidens Acquired in 2021, when they reported a total income of $610,702. In 2022, the first couple donated $20,180 to 20 charities, with the largest gift of $5,000 going to the Beau Biden Foundation, a foundation named after the president’s late son. Other charities have donated to include St. Joseph in Brandywine, where the president is from Wilmington, Del. and joined the Fraternal Order of Police foundation church.

The president earned $400,000 from his day job, while the first lady reported $82,335 from her job as an English professor at Northern Virginia Community College, according to their tax records. he First woman to hold a full-time job While in the White House. The couple also reported some pension income. The Bidens report limited investments with not particularly complex returns for some of their stature.

Vice President Kamala Harris and Second Gentleman Doug Emhoff saw significantly lower earnings in 2022 than in 2021, when they earned $1.66 million.

In 2022, Harris and Emhoff reported a total income of $457,760 while paying a total of $120,870 in federal, Washington, DC and California taxes. Emhoff earned about $170,000 from his job as a faculty member at Georgetown Law School.

The second couple paid an effective federal tax rate of 20.5%. Harris and Emhoff donated $23,000 to charities in 2022, according to their returns.

As vice president, Harris earned $219,171, according to tax records. However, he also reported earning $74,772 as a writer. In 2019, his book “The Truths We Hold: An American Journey,” was published, and the same year, he also wrote a children’s book, “Superheroes Everywhere.” Last year, his earnings as a writer were $452,664.

Both couples had their 2022 returns prepared by certified public accountants.

How do they compare to Trump’s tax returns?

In December 2022, the House Ways and Means Committee — after a long legal battle — approved the six-year release of former President Donald Trump and his wife Melania. Joint tax return.

The Joint Committee on Taxation said in its report that Trump paid no federal income taxes in 2020, the last year of his presidency, and that he paid just $750 in income taxes in 2017. 2019

According to forensic accountant Bruce Dubinsky, the returns from 2015 to 2020 are complex, but all show large pass-through losses from more than 100 business entities.

According to the House Ways and Means Committee, the IRS has failed to complete required audits of Trump during his four years in office.

but CBS News reported in December 2022 That the IRS conducted the required audit of the Bidens’ federal tax returns. An audit cost the couple $13 more, which they paid.

Trending news

Catherine Watson


Source link