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US President Joe Biden and his spouse Jill Biden reported earnings of over $600,000 (€554,820) on their federal tax returns for 2021.
The couple paid $150,439 (€139,110) in taxes after incomes $610,702. That is equal to a tax price of 24.6%, the White Home mentioned.
The Bidens paid $150,439 in taxes for his or her 2021 earnings
Vice President Kamala Harris and her husband Doug Emhoff additionally launched their 2021 tax returns. The pair earned $1,655,563 (€1,530,891) and paid $523,371 (€483,959) in federal earnings tax (31.6%).
Why are the US president’s tax returns essential?
It has been customary for US presidents to publish their tax returns for the reason that Seventies.
Former President Donald Trump declined to publish his returns. Trump served one time period earlier than being defeated by Biden within the 2020 presidential election.
Biden campaigned on transparency of private funds and criticized Trump for not publishing his tax returns. Biden launched 22 years of tax filings forward of the 2020 election.
Trump claimed that an audit prevented him from releasing his taxes.
Alongside his spouse Jill, Joe Biden was sworn in as president in 2021 after defeating Trump within the 2020 election
The New York Occasions obtained Trump’s tax information, which confirmed that he paid $750 (€694) in federal earnings taxes in 2017. IRS figures point out that the typical quantity of tax paid for that yr was round $12,200 (€11,281).
“With this launch, the president has shared a complete of 24 years of tax returns with the American public, as soon as once more demonstrating his dedication to being clear with the American individuals concerning the funds of the commander in chief,” the White Home mentioned in a press release.
A lower in earnings
2021 and 2020 each confirmed a drop in earnings for the Bidens. In 2019, the couple earned almost $1 million (€924,695), with sources of income together with e-book gross sales and speeches.
The pair additionally acquired earnings from their educating positions on the College of Pennsylvania and Northern Virginia Group Faculty.
Jill Biden acquired $67,116 (€62,062) for educating on the Northern Virginia Group Faculty in 2019. She maintained her place after her husband was elected president.
US presidents are granted an annual wage of $400,000 (€369,878) earlier than taxes.
sdi/jsi (AP, AFP, Reuters, dpa)
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