How much did Biden and Harris pay in taxes?
The returns of the first and second couple in the country were comparable to the returns they filed for the 2020 tax year.
The joint statement from President Joe and Dr. Jill Biden showed the couple shelled out more than $150,000 in federal income taxes in 2021 for an effective rate of 24.6%. They itemized deductions and claimed charitable donations of just over $17,000, or about 2.85% of their income.
On the ledger revenue side, the Bidens withdrew $62,000 from two S corporations that would represent royalties from prior speaking and writing engagements.
By comparison, the couple reported an income of just over $607,000 with a tax liability of more than $154,000 when filing for 2020, Joe Biden’s first year as president. The numbers are similar to their 2021 comeback.
Notably, the past two years reflect a substantial decline in revenue compared to 2019, the year before the presidential election. That year, the Bidens reported approximately $985,000 in adjusted gross income (AGI), including payments from President Biden’s position at the University of Pennsylvania.
The White House announcement on April 15 also showed Vice President Harris and Second Gentleman Doug Emhoff earned more than $1.6 million in 2021.
They ended up paying over $523,000 in federal income tax for an effective tax rate of 31.6%
Part of their income, about $319,000, came from the sale of Harris’ condo in San Francisco. Additionally, Harris reported $52,000 in income from writing activities.
Harris and Emhoff detailed the deductions in 2021. Their charitable contributions totaled $22,100, including donations made to their respective alma maters.
Like the Bidens, the second couple’s 2021 return was roughly in line with their 2020 return. That year, they reported an AGI closer to $1.7 million and tax payments in excess of $621,000.
Publishing tax returns has been a common practice of top politicians for decades. The White House noted that Biden shared tax returns with the public for 24 years while Harris released his returns for the past 18 years. Biden’s predecessor in the White House, President Donald Trump, did not release his tax returns while in office, saying he was being audited by the IRS.