Biden and Harris Release Tax Returns Revealing Income and Donations | Donald Trump News

US President Joe Biden’s predecessor Donald Trump has refused to release his tax returns, a precedent the new administration has rejected.

United States President Joe Biden restored a long presidential tradition on Monday by releasing his tax returns, showing that 25.9% of the first couple’s income went to the federal government in 2020. The average federal tax rate on income is just over 14%.

Biden and his wife, Jill, a teacher, earned $ 607,336 last year while running for president. This is down from $ 985,223 in 2019, when they mostly earned money from book sales, speeches, and positions at the University of Pennsylvania and Northern Virginia Community College. These income opportunities have diminished because of the campaign.

Biden’s predecessor Donald Trump has refused to release his tax returns, a precedent the new administration has rejected.

“I would expect that we would continue to publish the president’s income tax returns, as should be expected by every president of the United States,” White House press secretary Jen Psaki told reporters on Monday. journalists before publication.

The Bidens donated $ 30,704 to 10 charities last year. The largest donation was $ 10,000 to the Beau Biden Foundation, a nonprofit focused on child abuse named after the president’s late son.

Vice President Kamala Harris and her husband, Douglas Emhoff, also released their tax returns for 2020. They paid a 36.7 percent rate on income of $ 1,695,225 and contributed $ 27,006 to taxes. charities. Harris was previously a United States Senator representing California, while Emhoff was an Los Angeles-based entertainment lawyer. He now teaches law at Georgetown University.

Biden campaigned on the transparency of his personal finances, releasing 22 years of tax returns ahead of the 2020 election. It was a direct challenge to Trump, who claimed for several years that an audit had prevented him from releasing his taxes – even though the IRS had mandated for more than four decades that the tax returns of a sitting president and vice president be audited.

The New York Times then obtained the tax records of the notorious billionaire and reported that he only paid $ 750 in federal income taxes during his first year in the White House. IRS figures show the average filer paid around $ 12,200 in 2017, about 16 times more than what the former president paid.

“You haven’t released a single lonely year of your tax returns,” Biden told Trump during one of their presidential debates. “What are you hiding?”

Trump claimed – without proof – that he prepaid his taxes and thought the $ 750 was a filing fee.

The IRS does not charge an application fee.

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