On Monday, President Joe Biden and Vice President Kamala Harris released their 2020 tax returns, revealing how much they paid in taxes and what they gave to charity.
President Joe Biden and First Lady Jill Biden filed their tax returns, revealing that their income was less in 2020 than it was the year before. Their 2019 tax return reported an adjusted gross income of $985,233 and a total tax of $299,346, as reported by The Hill.
The White House announced:
The President and the First Lady filed their income tax return jointly and reported federal adjusted gross income of $607,336. The Bidens paid $157,414 in federal income tax and their 2020 effective federal income tax rate is 25.9 percent.
Some of the income on the Biden’s tax return is listed with “Giacoppa Corp.,” which is reportedly an entity that Jill Biden uses for book projects and speaking events. It is also used for annuities and pensions.
The Bidens’ 2020 tax return also showed that the Bidens reported $30,704 in charitable donations, which is about 5.1% of their entire income. The White House reported that their largest giving amount was $10,000 and went to the Beau Biden Foundation, which is an organization that works to confront abuse and protect children.
The President and First Lady also put out their Delaware income tax return and reported that they paid $28,794 in Delaware income tax. The First Lady also put out her Virginia income tax return and reported paying $443 in Virginia income tax.
Vice President Kamala Harris and her husband Doug Emhoff also released their 2020 federal income tax return, along with their state income tax returns for California and the District of Columbia.
The White House announced:
The Vice President and the Second Gentleman reported federal adjusted gross income of $1,695,225. They paid $621,893 in federal income tax, amounting to a 2020 effective federal income tax rate of 36.7 percent. They also paid $125,004 in California income tax and Mr. Emhoff paid $56,997 in District of Columbia income tax. They contributed $27,006 to charity in 2020.
As reported by NPR, “The California couple had an adjusted gross income of $1,695,300 in 2020, according to their tax returns. That is a 45% decrease over their 2019 earnings of $3,095,590.”
Biden has pushed for an increase in taxes on wealthy individuals and major corporations, but as The Daily Wire reported, Congressional Democrats are increasingly “skeptical” of hiking taxes. Lots of Biden’s closest Democratic allies are now worried his ambitious first-term agenda is “dangling by a thread,” dependent on a slim majority in the Senate and the health of a sitting Supreme Court justice.
The Daily Wire reported:
This week, The Washington Post and The New York Times both note that Democrats are now increasingly concerned about Biden’s tax hike plans as well, especially when paired with Democrats’ plan to repeal the SALT (State and Local Taxes) deduction cap, which would allow wealthy, mostly blue-state residents to deduct more of their state and local taxes from their federal income tax.
“Pockets of skepticism have emerged within Biden’s party over White House plans to raise the corporate tax rate, revamp the international tax system and double tax rates on wealthy investors, among other measures critical to the administration’s plans,” the Post reported. “The party faces regional divides over taxes as well, with farm-state Democrats skittish about taxes on heirs and coastal Democrats demanding the repeal of limits on state and local tax deductions, which would amount to an expensive tax cut that would require higher taxes elsewhere.”
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Source: Dailywire
