Biden and Harris release their 2020 tax returns
Biden’s income has dropped significantly from 2019, when he reported $ 985,233 in adjusted gross income.
Part of Biden’s decrease in income can be attributed to earning less in terms of passed on business income.
After his stint as vice president under the Obama administration, this is where he funneled accounting revenues, saving him significant amounts of self-employment taxes – a method dubbed the Gingrich-Edwards loophole for former House Speaker Newt Gingrich and former presidential candidate John Edwards, who used similar unincorporated businesses to reduce his tax payments for the self-employed. As a candidate, Biden offered to eliminate the Gingrich-Edwards loophole.
Lawmakers in high tax states like New York, New Jersey and California pressured Biden to remove the $ 10,000 cap on federal deductions for local and provincial taxes, which would help Biden’s personal finances a lot. , according to his tax returns. He racked up $ 90,289 in state and local taxes in 2020, well above the maximum deduction amount Republicans put in place under their 2017 tax review legislation.
But Biden did not approve the removal of the cap.
Harris and Emhoff’s earnings fell sharply from the previous year, but were similar to amounts they reported in their 2018 returns, which Harris released as a presidential candidate.
In the latest report, much of their income came from Emhoff’s past work at a law firm, DLA Piper, although Harris reported nearly $ 300,000 in income from his 2019 book in addition to his salary at the US Senate.
Their assets were rated between $ 3.1 million and $ 7 million.
Biden said he gave more than $ 30,000 in charitable contributions, including $ 10,000 to the Beau Biden Child Welfare Foundation and $ 5,000 to the Delaware Food Bank, as well as the International Association of Fire Fighters. Harris said more than $ 27,000 in donations to charity.
After President Richard Nixon’s tax woes, every president since 1974 has released tax details except Trump. Biden posted 23 years of returns.
Trump, who broke many presidential standards during his tenure, has come under heavy fire throughout his tenure for not releasing his tax returns. The Times investigation found that Trump paid only $ 750 in federal income taxes in 2017. Trump said the Times report was “fake news.”
Trump has repeatedly refused to release his statements, claiming he was audited – even believed that didn’t stop him from releasing them if he wanted to. Former Vice President Mike Pence released 10 years of tax returns in 2016 while a candidate, but has not released any tax returns since taking office.
While making Biden’s returns public, the White House did a not-so-subtle blow to Trump.
“The president released his federal tax return for 2020, continuing an almost unbroken tradition,” the White House said in a press release.
In February, the Supreme Court opened the door for New York prosecutors to obtain eight years of tax returns from Trump in an ongoing investigation into his business empire. House Democrats have repeatedly tried to access his financial records.
Biden and Harris also released their annual personal financial disclosures on Monday, with the White House saying neither had conflicts of interest.
At 11 pages, Biden’s was much shorter than Trump’s as president, which was over 100 pages. Harris’ disclosure was 15 pages long.
Biden’s disclosure form says he was on leave without pay from his teaching position at the University of Pennsylvania from April 2019 until January 2021, when he officially severed ties with the university.
Biden’s form showed the liabilities for one mortgage and two loans under $ 50,000.
Harris’ disclosure form shows nearly $ 360,000 in advance from publishers for his political memoir, “The Truths We Hold.” Biden reported income of less than $ 201 each from two books.
The Harris Form shows the liabilities related to real estate mortgages and a line of credit between $ 100,001 and $ 250,000, as well as Emmoff’s liabilities in a business loan between $ 500,001 and $ 1,000,000 and a promissory note between $ 100,001 and $ 250,000.
Biden and Harris did not disclose any gifts.