President Joe Biden and his wife, Jill, earned $610,702 during their first year in the White House and paid $150,439 in federal income taxes.
That's a tax rate of 24.6% for 2021, well over the average federal rate of around 14%. Those totals, released on Friday, tax day, were similar to the Bidens' 2020 returns when they reported earning $607,336. They reported 25.9% of their income going to federal taxes then.
Vice President Kamala Harris and her husband, Doug Emhoff, also released their 2021 tax filings, which showed them earning $1,655,563 in 2021 and paying $523,371 — a federal income tax rate of 31.6%.
Biden campaigned on creating an administration with transparency as a top priority, including with his personal finances. The president previously released 22 years of tax filings before the 2020 election. As the Associated Press reported, it was then meant to be a direct challenge against former President Donald Trump, who fought for years to prevent the release of his tax returns citing an audit that Trump said prevented him from doing so.
The IRS has mandated for over four decades that the tax returns of sitting presidents and vice presidents be audited.
Read the full statement from the White House on the release of the president and vice president's tax returns:
The President and Vice President release their 2021 tax returns
APRIL 15, 2022
Today, the President and First Lady released their 2021 federal income tax return. With this release, the President has shared a total of 24 years of tax returns with the American public, once again demonstrating his commitment to being transparent with the American people about the finances of the commander in chief.
The President and First Lady filed their income tax return jointly and reported federal adjusted gross income of $610,702. They paid $150,439 in federal income tax, and their 2021 effective federal income tax rate is 24.6 percent.
The President and First Lady also reported contributions of $17,394 to 10 different charities. The largest gift to charity was $5,000 to the Beau Biden Foundation, a public charity dedicated to ensuring that all children are free from the threat of abuse.
The President and First Lady also released their Delaware income tax return and reported paying $30,765 in Delaware income tax, and the First Lady released her Virginia income tax return and reported paying $2,721 in Virginia income tax.
View the President and First Lady’s tax returns here.
The Vice President and the Second Gentleman also released their 2021 federal income tax return, as well as state income tax returns for California, New York and the District of Columbia. Including today’s release, the Vice President has published 18 years of tax returns.
The Vice President and the Second Gentleman reported federal adjusted gross income of $1,655,563. They paid $523,371 in federal income tax, amounting to a 2021 effective federal income tax rate of 31.6 percent. They also paid $120,517 in California income tax, $2,044 in New York income tax, and Mr. Emhoff paid $54,441 in District of Columbia income tax. They contributed $22,100 to charity in 2021.
View the Vice President and Second Gentleman’s tax returns here.