The first family’s tax returns were largely unchanged from a year earlier, although their charitable giving fell from $30,704 in 2020 to $17,394 last year. The largest charitable donation was a $5,000 donation to the Beau Biden Foundation, a nonprofit organization honoring the president’s late son. The president also donated to two Catholic churches in Delaware, where he regularly attends services.
Biden’s effective federal tax rate was 24.6% last year, and their income came primarily from Biden’s presidential salary and the first lady’s job at Northern Virginia Community College.
The Bidens also received more than $52,000 from pensions and annuities, as well as more than $46,000 in Social Security benefits. The pair also reported nearly $62,000 in revenue from their S corporations, which the Bidens have used to manage revenue from their book deals.
The White House said in a statement that the release of its tax returns marked the 24th year that Biden has disclosed his income to the American people, “demonstrating once again his commitment to be transparent with the American people about the chief executive’s finances.”
Former President Donald Trump repeatedly refused to disclose his income taxes, both during his presidential campaign and after taking office, saying he would not do so while under scrutiny by the Internal Revenue Service.
Vice President Kamala Harris and second Mr. Doug Emhoff also released their 2021 returns on Friday, which include $1,655,563 in revenue and $700,373 in state and federal taxes. That amount includes both the vice president’s salary and Emhoff’s salary from teaching at Georgetown University, as well as income from partnerships from the second gentleman’s career with the firms DLA Piper and Venable.
Harris reported making $319,082 selling her San Francisco loft, which sold for $860,000 last year. The second family contributed $22,100 in charity, led by $5,000 donations each to Howard University, where the vice president attended college, as well as California State University Northridge and the University of Southern California, where the second gentleman attended, respectively. went to university and law school.