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U.S. President Joe Biden’s predecessor, Donald Trump, refused to release tax returns, a precedent set by the new administration.
U.S. President Joe Biden revived a long-held presidential tradition by releasing tax returns on Monday, according to which 25.9% of the first couple’s income went to the federal government in 2020. The average tax rate is just over 14%.
Biden and his wife, Professor Jill, earned $ 607,336 last year while running for president last year. There was a drop of $ 985,223 in 2019, mostly from money from book sales, speeches, and charges at the University of Pennsylvania and Northern Virginia Community College. These income opportunities were reduced due to the campaign.
Biden’s predecessor, Donald Trump, did not want to release his confession, a precedent that the new administration rejected.
“I hope we will continue to release the president’s tax returns, as all U.S. presidents expect,” White House press secretary Jen Psaki said in a statement to reporters on Monday.
Bidens donated $ 30,704 to 10 charities last year. The largest gift was a $ 10,000 donation from the Beau Biden Foundation, a nonprofit organization based on child abuse that bears the name of the president’s dead son.
Vice President Kamala Harris and her husband, Douglas Emhoff, also released 2020 tax filings. They paid a rate of 36.7% of the $ 1,695,225 revenue and contributed $ 27,006 in charitable work. Harris was a U.S. representative before he was a U.S. senator, while Emhoff was an entertainment lawyer in Los Angeles. He now teaches law at Georgetown University.
Biden campaigned for transparency in his personal finances and released 22-year tax files ahead of the 2020 election. It was a straightforward challenge for Trump, who for several years claimed that the audit prevented him from releasing taxes – even if the IRS had mandated more than four decades to inspect the president’s and vice president’s tax returns.
The New York Times newspaper obtained tax records from the renowned billionaire and reported that in his first year in the White House, he paid only $ 750 in federal income taxes. IRS figures indicate that the average taxpayer paid about $ 12,200 in 2017, 16 times more than what the former president paid.
“You haven’t released a single year of tax returns,” Biden told Trump in a presidential debate. “What are you hiding?”
Trump claimed – without proof – that he had paid taxes in advance and believed it was a $ 750 filing fee.
The IRS does not charge an filing fee.
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