Biden’s tax return shows steep fall in income

Biden's tax return shows steep fall in income
President Biden and First Lady Jill Biden's income fell last year compared with 2019. Source: Reuters
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Daily US Times: Joe Biden has released his tax returns, bringing back a US presidential tradition to release the president’s tax return, a White House statement has said.

The tax return shows Mr Biden and his wife earned $607,336 last year and paid $157,414 in federal income tax.

The couple’s income fell from the year 2019 when they earned $985,223 mostly from book sales, speeches and positions at higher education institutions.

Former President Donald Trump refused to release his tax returns during his time in the office, the first US president not to do so since the Watergate era.

Donald Trump claimed he was not able to do so as he was being audited by the Internal Revenue Service, the US government’s tax-collection agency.

Ahead of the Bidens’ tax filing’s release on Monday, White House press secretary Jen Psaki said: “I would expect that we will continue to release the president’s tax returns, as should be expected by every president of the United States.”

Throwing down the gauntlet to Donald Trump ahead of the 2020 election, Joe Biden released 22 years of tax filings.

The document, released on Monday, shows that during the busy election campaign year Mr Biden and his wife paid a federal income tax rate of 25.9%, the White House said.

They also donated $30,704 to 10 charities in last year. The biggest sum of $10,000 went to the Beau Biden Foundation, which campaigns against child abuse and is named after Joe Biden’s son, who died aged 46 in 2015 of brain cancer.

Their previous tax returns have shown they donated $70,000 to charity in total over the two decades leading up to 2017.

The Bidens also have assets of between $1.2m and $2.88m, according to their financial disclosure.

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