President Joe Biden and his wife Jill Biden had an adjusted gross income of $ 607,336 in 2020, according to Monday’s White House tax returns.
That was down from $ 985,223 in 2019 when they made mostly money selling books, speaking, and positions at the University of Pennsylvania and Northern Virginia Community College.
The first couple paid $ 157,414 in federal income tax for 2020 at an effective tax rate of 25.9%. The latest IRS data shows that the federal average income tax rate is just over 14%.
The Bidens also said they donated $ 30,704 to 10 different charities and paid $ 28,794 in Delaware state income tax.
The Bidens’ tax returns come out as the president is proposing tax increases for wealthy Americans and businesses to pay for his welfare expenses and infrastructure packages. For example, the president aims to increase capital gains tax from 20% to 39.6% for those who earn more than $ 1 million a year.
Biden also plans to increase the Internal Revenue Service’s budget to help the agency collect unpaid taxes.
Former President Donald Trump refused to publish his tax returns when he ran for the White House in a long-standing tradition. Trump also did not publish a return while serving in the White House.
The federal tax return due date has been extended from April 15 to May 17, the IRS said in March, as taxpayers continue to crack down on the coronavirus pandemic.
During the 2020 presidential contest, Biden’s campaign said he and his wife did $ 11 million in 2017 and $ 4.6 million in 2018The income comes mainly from book payments and paid speaking engagements.
The Associated Press contributed to this report.