The U.S. president has been releasing his annual tax returns for transparency reasons, and it has been a well-established practice to list the sources of income and taxes paid. Biden released his 2020 tax returns later yesterday, and he and first lady Jill earned more than $600,000 last year, nearly 26 percent of which was used to pay taxes. AFP said that the former President Trump, a billionaire tycoon, broke with tradition when he was in office and refused to disclose the true status of his finances, property and business empire, and even fought a protracted legal battle to keep his tax information from coming to light, sparking much speculation.
Biden released his 2020 tax return, showing a tax rate of 26%, AFP said Biden’s total income of more than $600,000 nearly 26% used to pay taxes.
According to the report, U.S. President Joe Biden released his 2020 tax return on Monday, he and first lady Jill’s total income of more than $600,000 last year, nearly 26% used to pay taxes. Biden and Jill Biden, who is a community college professor, had a total federal adjusted income of $607,336, according to the tax filing. The Biden’s paid $157,414 in federal income taxes, an effective tax rate of 25.9 percent. The two also paid $28,794 in income taxes to their home state of Delaware.
Biden’s deputy, Kamala Harris, and her husband, Douglas Emhoff, will have a higher gross income than the Biden’s in 2020. Kamala Harris, a former California U.S. senator, and Douglas Emhoff, an attorney, earned a combined $1.695,225 last year. The pair paid $620,893 in federal income taxes, a 36.7 percent rate, and $125,004 in income taxes to California; in addition, Ren also paid $56,997 in income taxes to Washington, D.C.
According to AFP, it has been an established practice for U.S. presidents to disclose their annual tax returns for transparency reasons, which will detail the sources of income and taxes paid. The former President Trump, a billionaire tycoon, broke with tradition when he was in office by refusing to release the true status of his finances, property and business empire, even going so far as to fight a protracted legal battle to keep his tax information from coming to light, sparking much speculation.
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