President Biden and first wife Jill Biden, as well as Vice President Kamala Harris and second gentleman Doug Emhoff, released their federal income tax returns for the year 2021 on Friday.
The Bidens made a total of $610,702 in 2021 and paid $150,439 in taxes, resulting in an effective income tax rate of 24.6 percent. More than $17,000 was contributed to organizations by the Bidens. In 2020, the first pair earned around the same amount – over $607,000.
According to their jointly filed tax return, Harris and Emhoff made substantially more in 2021 – $1.66 million. They paid $523,371 in income taxes, or a 31.6 percent effective tax rate. In 2020, the pair made almost the same amount of money, reporting nearly $1.7 million in earnings.
In 2021, the second couple paid $120,517 in California income tax, and Emhoff paid $54,441 in District of Columbia income tax. They gave a total of $22,000 to charity.
Some of Harris and Emhoff’s earnings came from the sale of Harris’ San Francisco condo, which brought in over $319,000. Harris earned $452,664 as a writer, according to his tax return.
The Bidens filed their state returns in Delaware, where they frequently visit to spend time at their homes.
In addition, the Bidens’ tax returns show that their S businesses were formed in Delaware. Because the receiver does not due Medicare or Social Security taxes, and the source of revenue is unknown, S Corporations are sometimes chastised.
According to their tax returns, the Celticcapri Corporation is linked to Mr. Biden, while the Giacoppa Corporation is linked to the first lady.
In Virginia, where she lectures at NOVA Community College, the first lady also paid non-resident taxes. Virginia income tax was $2,721 for her.