The president and his spouse, Dr. Jill Biden, additionally reported donations of $17,394 to 10 charities.
WASHINGTON — President Biden and his spouse on Friday reported incomes $610,702 in 2021, virtually the identical quantity the couple stated they earned the year before, in response to copies of their tax return made public by the White Home.
The discharge of their return — which comes simply days earlier than Monday’s deadline for People to file their taxes with the I.R.S. — reveals that Mr. Biden and the primary woman, Jill Biden, paid $150,439 in federal earnings tax, for an efficient fee of 24.6 p.c.
A lot of the cash Mr. Biden and his spouse earned got here from his $400,000 annual wage for being president and two pensions. He additionally reported virtually $62,000 from an S company managed by the Bidens, which acquired cash in 2021 from two publishing homes, Simon & Schuster and Flatiron Books. An S company is a small-business designation that permits enterprise earnings, credit and deductions to cross by way of to shareholders.
The president and first woman reported donations of $17,394 to 10 charities, together with a $5,000 give to the Beau Biden Basis, a nonprofit group that works to guard kids from abuse and is called in honor of the president’s son who died of brain cancer in 2015.
Presidents have recurrently made their federal tax returns public since Richard M. Nixon started doing it throughout his tenure. The lone exception was former President Donald J. Trump, who refused to disclose his returns and fought fierce battles with Congress and the courts to maintain the returns non-public.
The New York Occasions obtained tax documents for the previous president in 2020. The paperwork confirmed that Mr. Trump paid simply $750 in federal earnings taxes the yr he received the presidency and one other $750 in the course of the first yr that he was in workplace. The paperwork revealed that Mr. Trump paid no earnings taxes in any respect in 10 of the earlier 15 years — largely as a result of he reported shedding way more cash than he made.
In February, the Supreme Court ruled that New York prosecutors investigating his enterprise dealings might get hold of his tax returns and different data.
The Bidens additionally paid $30,765 in Delaware earnings taxes, in response to the paperwork launched on Friday. Dr. Biden additionally filed a Virginia earnings tax return displaying that she paid $2,721 in earnings tax in that state, the place she is a professor at Northern Virginia Group School.
The White Home additionally launched the tax returns for Vice President Kamala Harris and her husband, Doug Emhoff.
The couple reported incomes $1,655,563 and paying $523,371 in federal earnings tax, a fee of 31.6 p.c. Additionally they paid $120,517 in California earnings tax and $2,044 in New York earnings tax, in response to the White Home. Mr. Emhoff, who’s an leisure lawyer, additionally paid $54,441 in District of Columbia earnings tax.
Their tax returns present that the couple earned cash from the sale of a California property for $860,000 and from earnings on the memoir Ms. Harris printed in 2019, “The Truths We Hold: An American Journey.”
The second couple contributed $22,100 to charity in 2021, in response to the tax returns.