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Biden, first lady and Harris, second gentleman release tax returns

President Joe Biden and first lady Jill Biden as well as Vice President Kamala Harris and second gentleman Doug Emhoff released their tax returns on Monday, the White House said. Photo by Tasos Katopodis/UPI
President Joe Biden and first lady Jill Biden as well as Vice President Kamala Harris and second gentleman Doug Emhoff released their tax returns on Monday, the White House said. Photo by Tasos Katopodis/UPI | License Photo

May 17 (UPI) -- The White House on Monday released the tax returns of President Joe Biden and first lady Jill Biden as well as Vice President Kamala Harris and second gentleman Doug Emhoff.

The president and first lady filed their federal income taxes jointly and reported a federal adjusted gross income of $607,336 and owed $157,414 in federal income tax, according to a summary released by the White House.

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Monday's release came after former President Donald Trump became the only major-party presidential candidate in the post-Watergate era not to release any of his tax returns, as he said he could not due to an ongoing audit.

"Today, the president released his 2020 federal income tax return, continuing an almost uninterrupted tradition," the White House said.

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According to their 1040 form, the Bidens paid $162,063 and received a refund of $4,649, while their federal income tax rate was 25.9%.

They reported donating $30,704 -- or 5.1% of their total income -- to 10 different charities including their largest charitable gift of $10,000 to the Beau Biden Foundation, a public charity with the goal of protecting children from the threat of abuse, named after the president's late son Beau Biden and chaired by his widow, Hallie Biden.

The White House said the first family also paid $28,794 in income tax in Delaware, while the first lady paid $443 in Virginia income tax.

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Harris and Emhoff reported a federal adjusted gross income of $1,695,225 and paid $621,893 in federal income tax for a tax rate of 36.7%. They also reported $125,004 in paid income tax in California, while Emhoff paid $56,997 in income taxes in Washington, D.C., and the couple contributed $27,006 to charity.

In a separate financial disclosure released by the U.S. Office of Government Ethics, Biden reported little income from his role as president of an S-corporation used to coordinate speaking and writing engagements and as a professor at the University of Pennsylvania.

Biden said in a filing that the S-corporation will remain dormant and not engage in any business other than collecting royalties and Biden was on a leave of absence from the university after launching his run for president in 2019. He formally separated from the University of Pennsylvania prior to being inaugurated in January.

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The first lady earned between $50,000 and $100,000 for speaking and writing engagements and received a salary as a professor at Northern Virginia Community College as well as taking a cash distribution of $63,466 from two retirement plans in Delaware.

The Bidens were also in the process of divesting from assets including Invesco VI Health Care, BNY Mellon IP Technology Growth and MFS VIT Utilities and had three active liabilities in 2020 totaling between $280,000 and $600,000.

Harris' financial disclosures showed she received a total of roughly $358,000 from her 2019 book The Truths We Hold and she and Emhoff maintained between $316,000 and $665,000 in cash in their bank accounts.

They also maintained a portfolio of stock and bond funds and had five active labilities and two paid-off mortgages, with the largest of their outstanding liabilities including two mortgages of between $1 million and $5 million each.

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