President Biden and first woman Jill Biden launched their 2021 federal earnings tax return Friday, as did Vice President Kamala Harris and second gentleman Doug Emhoff. The Bidens' tax information present they earned a complete of $610,702 in 2021, and paid $150,439, for an efficient earnings tax charge of 24.6%. The Bidens donated greater than $17,000 to charities. The primary couple earned roughly the identical quantity in 2020 — over $607,000.
Harris and Emhoff earned considerably extra in 2021 — $1.66 million, based on their collectively filed tax return. They paid $523,371 in earnings tax, for an efficient tax charge of 31.6%. The couple earned roughly the identical quantity in 2020, once they reported practically $1.7 million in earnings. The second couple paid $120,517 in California earnings tax in 2021, and Emhoff paid $54,441 in earnings tax to the District of Columbia. They donated simply over $22,000 to charity.
A number of the earnings Harris and Emhoff reported was from the sale of Harris' San Francisco rental, which netted them greater than $319,000. Harris additionally reported earnings as a author — $452,664.
The Bidens, who journey regularly to Delaware to spend time at their residences there, filed their state returns in Delaware.
The Bidens' tax returns additionally replicate that their S companies established in Delaware. S Firms are typically criticized as a result of the recipient does not owe Medicare or Social Safety taxes, and the income is untraceable. The Celticcapri Corp. is connected to Mr. Biden, and the Giacoppa Corp. is connected to the primary woman, as their tax return notes.
The primary woman additionally paid non-resident taxes within the state of Virginia, the place she teaches at NOVA Neighborhood School. She paid $2,721 in Virginia earnings tax.
— Nancy Cordes and Gaby Ake contributed to this report.