United States President Joe Biden restored a longstanding presidential tradition Monday by releasing his tax returns, showing that 25.9 percent of the first couple’s income went to the federal government in 2020. The average federal income tax rate is a little more than 14 percent.
Biden and his wife, Jill, a teacher, earned $607,336 last year while he was running for president. That is down from $985,223 in 2019, when they primarily earned money from book sales, speeches and positions at the University of Pennsylvania and Northern Virginia Community College. Those income opportunities diminished because of the campaign.
Biden’s predecessor, Donald Trump, declined to release his tax returns, a precedent that the new administration rejected.
“I would expect that we will continue to release the president’s tax returns, as should be expected by every president of the United States,” White House press secretary Jen Psaki told reporters Monday ahead of the release.
The Bidens donated $30,704 to 10 charities last year. The largest gift was $10,000 to the Beau Biden Foundation, a nonprofit focused on child abuse that is named after the president’s deceased son.