The White House released the 2020 tax returns for both President Joe Biden and Vice President Kamala Harris on Monday, restoring a presidential tradition that had been ignored under former President Donald Trump.
The White House also released the first and second families’ financial public financial disclosure reports. The Bidens filed their federal tax return jointly, reported a federal adjusted gross income of $607,336 and owed $157,414 in federal income tax, according to a summary of their taxes released by the White House. According to the first family’s 1040 form, they paid $162,063 and received a refund of $4,649. Their 2020 effective federal income tax rate is 25.9%. The Bidens saw a significant drop in income in 2020 as then-candidate Joe Biden was on the campaign trail and not earning an income through speaking engagements or his post with the University of Pennsylvania. In 2019, the Bidens reported an adjusted gross income of about $985,000.
According to the federal tax return for Harris and second gentleman Douglas Emhoff, the couple reported $1,695,225 in adjusted gross income and owed $621,893 in tax. They had already paid $587,404 by the time they filed and had to pay the IRS the remaining $34,489. In releasing the tax returns, the White House also took a dig at Trump. “Today, the President released his 2020 federal income tax return, continuing an almost uninterrupted tradition,” The White House said. Trump never released his tax returns while in office. Trump became the only major party presidential candidate in the post-Watergate era never to release any of his tax returns, claiming multiple times that he was not able to as he was being audited. According to the IRS, every president and vice president is guaranteed an audit every year since the Watergate era. White House press secretary Jen Psaki appeared to give a veiled criticism of Biden’s predecessor, telling reporters that the White House expects to “continue to release the President’s tax returns as should be expected of all presidents.”