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The top two office holders in the U.S. government have met their tax filing obligations. On April 15—three days before the official deadline of April 18—the White House released the 2021 federal income tax returns of President Joe Biden and Vice President Kamala Harris and their spouses.
The returns for the first and second couples of the country were comparable to the returns they filed for the 2020 tax year.
The joint return for President Joe and Dr. Jill Biden showed that the couple forked over 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 slightly more than $17,000, equal to approximately 2.85% of their income.
On the income side of the ledger, the Bidens pulled down $62,000 from two S corporations reportedly representing royalties derived from prior speaking and writing engagements.
In comparison, the couple reported income of slightly more than $607,000 with a tax liability above $154,000 on their 2020 return, the year Biden was elected to the presidency. The numbers are similar to those for their 2021 return.
Notably, the last two years reflect a substantial decline in income from 2019, the year prior to the presidential election. In that year, the Bidens reported about $985,000 in adjusted gross income (AGI), including payments from President Biden’s position at the University of Pennsylvania.
The tax returns for Vice President Harris and Second Gentleman Doug Emhoff show that the couple earned more than $1.6 million in 2021.
They ended up paying more than $523,000 in federal income tax for an effective tax rate of 31.6%
Some of their income, about $319,000, came from the sale of Harris’ San Francisco condo. In addition, Harris reported $52,000 of income from writing activities.
Harris and Emhoff itemized deductions in 2021. Their charitable contributions totaled $22,100, including gifts made to their respective alma maters.
Like the Bidens, the second couple’s 2021 return was roughly in line with their 2020 return. In that year, they reported an AGI of closer to $1.7 million and tax payments above $621,000.
Releasing tax returns has been a standard practice of prominent politicians for decades. The White House noted that Biden has shared tax returns with the public for 24 years while Harris has released her returns for the last 18 years.
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