On the day Americans are due to have their tax returns filed, President Joe Biden and First Lady Dr. Jill Biden released their taxes, the first time in four years the President made his taxes public, reinstating a transparency that the previous administration blocked after more than 40 years, NBC News reports.
Reporting an annual income of $607,633 for the year, the Bidens paid $162,063 in federal taxes, putting their effective tax rate at 25.9%. The majority of their income came from pension and retirement plans. Another $200,000 came from a private corporation set up by the Bidens through which speaking fees were collected, while Dr. Biden received just over $12,000 from her teaching job.
The previous administration refused to release Donald Trump’s personal or corporate taxes, claiming that Trump’s taxes were under audit, even though there is no issue with a person publicly releasing their submitted tax returns.