5 things we learned from VP Kamala Harris’ new tax and financial disclosure
Vice President Kamala Harris and Second Gentleman Doug Emhoff earned $ 1.9 million in 2020, according to tax returns released on Monday.
The bulk of that income, around $ 1.4 million, came from Emhoff’s legal work, according to the documents filed. Harris earned nearly $ 300,000 from writing and about $ 150,000 as a senator.
Their total income fell more than 40% from 2019 when they earned $ 3.3 million.
Harris also filed a financial disclosure report with the Office of Government Ethics, outlining the assets and liabilities she shares with her Emhoff.
Here are five other things to remember from their tax returns and financial disclosure form.
Harris and Emhoff do not own any individual shares, according to their new financial disclosure. Years earlier, before Harris was elected to the Senate in 2016, Emhoff had dropped a number of conflict-prone stocks at companies like CVS Health, Visa and Oracle. Emhoff has small stakes of between $ 1,000 and $ 15,000 in certain industry-specific funds that follow the healthcare, biotech and cloud computing industries.
In 2020, the second couple paid $ 621,893 in federal tax, roughly the same amount President Biden and his wife reported in total income last year.
Harris and Emhoff hold two mortgages with Wells Fargo, each worth between $ 1 million and $ 5 million. One is for the Washington DC condo that Harris listed for almost $ 2 million last month. The other is tied to the house Harris and Emhoff share in Los Angeles.
In addition to the mortgages, Harris and Emhoff have other debts. The Secon Gentleman holds a Wells Fargo business loan, worth between $ 500,000 and $ 1 million, and a promissory note to law firm DLA Piper, worth $ 100,000 to $ 250,000. Harris also reported a Wells Fargo line of credit worth $ 100,000 to $ 250,000.
Harris and Emhoff donated $ 27,000 to charity last year, according to their tax returns, including $ 5,000 to Haris University alma mater Howard and $ 5,000 to the University of Southern California, where Emhoff obtained his law degree.