According to his tax returns, Biden paid almost 30% of his $985,000 in adjusted gross income in federal taxes.
Just hours before a presidential debate anticipated to contain a fight over revelations that President Trump frequently pays little to no taxes, Democratic presidential candidate Joe Biden published his 2019 tax return on Tuesday, revealing he and his wife paid nearly $300,000 in federal taxes.
According to Biden’s forms, which list “executive” as his occupation, he and Jill Biden paid almost 30% of his $985,000 in adjusted gross income in federal taxes.
Sen. Kamala Harris, his running partner, and her husband, Douglas Emhoff, paid $1.19 million in federal taxes on roughly $3.1 million in income, according to papers made public by the campaign. That is an estimated tax rate of 38%.
The announcements are an attempt to cash in on the uproar that followed the New York Times’ discovery of Trump’s long-hidden tax returns, which revealed the president paid no taxes in certain years and only $750 in taxes in 2016 and 2017. According to the narrative, Trump reduced his tax obligations by combining significant economic losses with dubious tax strategies.
In addition, he requested a return of $72.9 million for taxes he had already paid between 2005 and 2008; the IRS is currently disputing this refund in an audit.
Trump has consistently refused to make his tax returns public, breaking with decades of practice in a political convention. With his publication, Biden also aims to draw attention to this issue.
As of today, I’ve disclosed 22 years of my tax returns because the American people deserve transparency from their leaders, Biden said on Twitter.
In 2019, when he was running for president, Biden’s income significantly decreased from the millions he had made after leaving the vice presidency. In addition to revenues from the University of Pennsylvania, Northern Virginia Community College, closely owned firms used to earn money from speaking engagements, a government pension, and Social Security payments, he and his wife also disclosed earnings from other sources.
According to his report, Biden gave $14,700 to charity, including to two churches.
Harris’ primary source of income was her husband’s legal practice. They claimed to have donated $35,000 to charity, which they said they had done, including to Howard University and the University of Southern California.
A spokesperson for Trump pointed to his record in business compared to Biden’s career in government, calling Trump a “job creator.”
“I am not surprised he is comfortable putting those out,” White House communications director Alyssa Farah said on Fox. “What I am interested to see is how much he profited since being out of office.”
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