WASHINGTON — President Biden and his spouse on Friday reported incomes $610,702 in 2021, nearly the identical quantity the couple stated they earned the 12 months earlier than, in accordance with copies of their tax return made public by the White Home.
The discharge of their return — which comes simply days earlier than Monday’s deadline for People to file their taxes with the I.R.S. — reveals that Mr. Biden and the primary woman, Jill Biden, paid $150,439 in federal earnings tax, for an efficient charge of 24.6 %.
A lot of the cash Mr. Biden and his spouse earned got here from his $400,000 annual wage for being president and two pensions. He additionally reported nearly $62,000 from an S company managed by the Bidens, which obtained cash in 2021 from two publishing homes, Simon & Schuster and Flatiron Books. An S company is a small-business designation that permits enterprise earnings, credit and deductions to move by to shareholders.
The president and first woman reported donations of $17,394 to 10 charities, together with a $5,000 reward to the Beau Biden Basis, a nonprofit group that works to guard youngsters from abuse and is known as in honor of the president’s son who died of mind most cancers in 2015.
Presidents have usually made their federal tax returns public since Richard M. Nixon started doing it throughout his tenure. The lone exception was former President Donald J. Trump, who refused to disclose his returns and fought fierce battles with Congress and the courts to maintain the returns personal.
The New York Occasions obtained tax paperwork for the previous president in 2020. The paperwork confirmed that Mr. Trump paid simply $750 in federal earnings taxes the 12 months he received the presidency and one other $750 in the course of the first 12 months that he was in workplace. The paperwork revealed that Mr. Trump paid no earnings taxes in any respect in 10 of the earlier 15 years — largely as a result of he reported dropping far more cash than he made.
In February, the Supreme Courtroom dominated that New York prosecutors investigating his enterprise dealings might acquire his tax returns and different data.
The Bidens additionally paid $30,765 in Delaware earnings taxes, in accordance with the paperwork launched on Friday. Dr. Biden additionally filed a Virginia earnings tax return displaying that she paid $2,721 in earnings tax in that state, the place she is a professor at Northern Virginia Neighborhood School.
The White Home additionally launched the tax returns for Vice President Kamala Harris and her husband, Doug Emhoff.
The couple reported incomes $1,655,563 and paying $523,371 in federal earnings tax, a charge of 31.6 %. In addition they paid $120,517 in California earnings tax and $2,044 in New York earnings tax, in accordance with the White Home. Mr. Emhoff, who’s an leisure lawyer, additionally paid $54,441 in District of Columbia earnings tax.
Their tax returns present that the couple earned cash from the sale of a California property for $860,000 and from earnings on the memoir Ms. Harris printed in 2019, “The Truths We Maintain: An American Journey.”
The second couple contributed $22,100 to charity in 2021, in accordance with the tax returns.