Joe Biden and his wife, Jill Biden, released their tax returns on Monday.
The Biden family reported an adjusted gross income of $607,336 in 2020.
The Bidens continue to keep much of their fortune in cash. This disclosure shows that they have at least $950,000 in six bank accounts.
Biden still carries some debt.
The largest is a mortgage listed on his disclosure to be between $250,000 and $500,000, on his Wilmington, Delaware home.
Forbes estimates there is some $400,000 left to pay off on the mortgage.
Biden also reports a term loan, worth $15,000 to $50,000 and loans against the cash value of policies, also worth $15,000 to $50,000.
A press release from the White House stated:
Today, the President released his 2020 federal income tax return, continuing an almost uninterrupted tradition. With this release, the President has shared a total of 23 years of tax returns with the American public.
The President and the First Lady filed their income tax return jointly and reported federal adjusted gross income of $607,336. The Bidens paid $157,414 in federal income tax and their 2020 effective federal income tax rate is 25.9 percent.
The President and First Lady also reported donating $30,704 – or about 5.1 percent of their total income – to 10 different charities. The largest reported gift to charity was $10,000 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 $28,794 in Delaware income tax. The First Lady also released her Virginia income tax return and reported paying $443 in Virginia income tax.
View the President and First Lady’s tax returns here.
The Vice President and the Second Gentleman also released their 2020 federal income tax return, as well as state income tax returns for both California and the District of Columbia. Including today’s release, the Vice President has published 17 years of tax returns.
The Vice President and the Second Gentleman reported federal adjusted gross income of $1,695,225. They paid $621,893 in federal income tax, amounting to a 2020 effective federal income tax rate of 36.7 percent. They also paid $125,004 in California income tax and Mr. Emhoff paid $56,997 in District of Columbia income tax. They contributed $27,006 to charity in 2020.
View the Vice President and Second Gentleman’s tax returns here.
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Author: Martin Walsh
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