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Bidens paid 25.9% rate and earned $607,336, tax returns show

Joe Biden
Posted at 8:06 PM, May 17, 2021
and last updated 2021-05-17 22:20:26-04

WASHINGTON (AP) — President Joe Biden has released his tax returns, restoring a long-standing presidential tradition.

They show that 25.9% of the first couple's income went to the federal government in 2020.

The average federal income tax rate is just over 14%.

Biden and his wife, Jill, a teacher, earned $607,336 last year while he was running for president.

That is down from $985,223 in 2019 when they primarily earned money from book sales, speeches, and positions at the University of Pennsylvania and Northern Virginia Community College.

The most recent IRS data indicates that the average federal income tax rate is just over 14%.

Former President Donald Trump never released his tax returns, The Associated Press reported.

The AP reported that last year, the Bidens donated $30,704 to 10 charities.

The largest donation was a $10,000 gift to the Beau Biden Foundation.

The president separately released his financial holdings through the Office of Government Ethics released the president's financial holdings, which listed his assets worth between $1.2 million and $2.88 million.

Vice President Kamala Harris and her husband, Douglas Emhoff also released their tax returns, which showed the couple paying a rate of 36.7% on income of $1,695,225 and giving $27,006 to charity.