Biden brings in about $610,000 in income in 2021 as he files tax returns

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President Biden, Vice President Harris and their spouses released tax forms on Friday showing they were earning income and paying tax rates similar to those reported last year.

The Bidens reported 2021 adjusted federal gross income of $610,702 and federal income tax payments of $150,439, at an effective rate of 24.6%.

Joe Biden earned $378,333 as president and Jill Biden earned $67,116 from Northern Virginia Community College, where she taught English for years. The president’s salary is normally $400,000 a year, but Biden didn’t assume the presidency until January 20 last year. The Bidens also received $61,995 in royalties from their books, with the rest of their income coming from pensions, annuities, IRA distributions and Social Security benefits.

The first family donated just over $17,000 to 10 different charities, with the highest contribution of $5,000 going to the Beau Biden Foundation. The charity, which works to protect children from abuse, was created in honor of Biden’s late son, who died of cancer in 2015.

With this year’s documents, Biden released 24 years of his tax returns and continues the tradition of presidents to publicly release their tax documents. The White House touted Biden’s track record on Friday, saying in a statement that Biden was “once again demonstrating his commitment to being transparent with the American people about the Commander-in-Chief’s finances.”

Former President Donald Trump broke with tradition, which dates back decades, by repeatedly refusing to release his tax returns both as a presidential candidate and as president. The former president said he was being audited and fought efforts by congressional Democrats and prosecutors to obtain those records. In 2020, the Supreme Court ruled against Trump in favor of the Manhattan District Attorney seeking his tax records.

Harris and her husband, Doug Emhoff, reported adjusted federal gross income of $1,655,563 in 2021 and federal income tax payments of $523,371, at an effective rate of 31.6%.

Harris earned $215,548 in her role as vice president and Emhoff earned $164,740 from Georgetown University, where he taught law school. Emhoff also earned $582,543 from DLA Piper and Venable, the law firms he worked at as a partner before leaving his firm when Harris was elected vice president. Harris also made nearly $400,000 in profit from book sales, and the second family sold their San Francisco home for $860,000, resulting in a long-term capital gain of $319,082.

The second family donated just over $22,000 to charity in 2021, including donations to Howard University, University of Southern California and DC Central Kitchen. The Bidens and Emhoffs visited DC Central Kitchen just before Thanksgiving last year to put together meal kits.

In 2020, the Bidens reported adjusted gross income of $607,336 with an effective federal tax rate of 25.9%, according to their tax returns, Harris and Emhoff had adjusted gross income of nearly $1.7 million. dollars in 2020 and paid effective federal income tax. rate of 36.7 percent, their deposits showed.

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