President Joe Biden and First Lady Jill Biden released their tax returns on Monday, May 17, showing their significant decrease in earnings in recent years.
A release from the White House showed that, in the year that Biden entered the presidential race with Donald Trump, he and his wife only made $607,336 in income, plummeting from $985,223 in 2019.
Their income, sourcing primarily from book sales, paid speeches, and positions at the University of Pennsylvania and Northern Virginia Community College, was affected as Biden campaigned for the commander-in-chief position.
Yet, considering the numbers provided by Biden’s 2020 campaign, the decline in their income was even more dramatic in the years earlier. The first couple’s income was down more than half portion in 2018 at $4.6 million from $11 million in 2017.
Their tax returns also showed that more than a quarter of the Bidens’ income went to the federal government in 2020. With their 2020 effective federal income tax rate of 25.9%, the Bidens paid $157,414 in federal income tax last year.
AP noted that the Bidens invested $30,704 in 10 philanthropic organizations in 2020, with the Beau Biden Foundation, which works on fighting child abuse received $10,000 grants from the family. The Office of Government Ethics reviewed that their financial assets were around $1.2 million and $2.88 million worth, the outlet cited.
The disclosure of personal finances from President Biden was a jump back to tradition after his predecessor Donald Trump determined to maintain his privacy on the matter when he was president. All previous commander-in-chief committed to announcing their tax returns.
Trump refused to release his tax returns, repeatedly claiming that an audit would not allow him to release such information. In contrast, the Internal Revenue Service said he was not confined to do so, AP reported.
When Trump was still in office, he donated his entire presidential salary to federal agencies.
“For four years, the forgotten men and women of America have watched their President sacrifice his eminently successful business career, generously donate his salary, and tirelessly fight for them every single day,” the then-White House Press Secretary Kayleigh McEnany told Breitbart.
Regarding the New York Times’s allegations on Trump’s tax-paying records last year, McEnany said it was a “desperate” effort in smearing the 45th president before his 2020 presidential bid.