As Joe Biden has dropped many profitable speaking engagements to campaign for the White House, his income has drastically fallen to $607,336 in 2020. Still, after the drop, he has earned enough money to pay higher tax rates that he has proposed for wealthy people.
Reportedly, in 2020, Joe Biden and first lady Jill Biden had paid $157,414 in federal income tax, making their tax rate 25.9%. The data is released by the White House on Monday.
They had additionally paid $28,794 in Delaware state taxes and $433 in Virginia taxes, where the first lady teaches.
During his year in Senate, Biden was among those members of Congress who consistently remain at the bottom of net worth. But he was cash in after the vice-presidency, and made more than $16.5 million from 2017 to 2019, according to the tax returns released by the presidential campaign previously.
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On Monday, Kamal Harris and her husband Doug Emhoff also released their tax returns. In 2020, both Harris and Emhoff had a net worth of $1,695,225 and they paid $621,893 in the federal income tax return, making their tax rate 36.7%.
Under Biden’s American Family Plan both Biden and Harris would end up paying higher taxes this upcoming year. Both couples would benefit from efforts among some Houses Democrats to repeal the $10,000 limit on the deduction for sale and local taxes, or SALT.
Now, the Bidens pay $90,289 in SALT whereas Kamal and her husband pay $280,421.
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In all, it is expected that Biden would release his tax returns from the last 23 years. The White House press secretary Jen Psaki told the media, “this disclosure should be expected by every President of the United States of America.”
Charity
The Bidens had given nearly $30,000 – 5% of their income, to charity. The biggest amount was $10,000 given to the Beau Biden Foundation, named after their late son. $5000 was given to both the Food Bank of Delaware and the International Association of Fire Fighters Foundation.