Joe Biden, Kamala Harris release 2020 tax returns

US President Joe Biden and Vice President Kamala Harris have released their 2020 tax returns, Report informs referring to the Politico newspaper.

Biden and first lady Jill Biden reported $607,336 in adjusted gross income and more than $157,000 in federal tax paid - an effective federal tax rate of 25.9 percent. Harris and second gentleman Doug Emhoff reported nearly $1.7 million in adjusted gross income, with $621,893 in federal tax paid - an effective federal tax rate of 36.7 percent.

Biden’s income dropped significantly from 2019, when he reported $985,233 in adjusted gross income.

Part of Biden’s decrease in income can be attributed to earning less in terms of pass-through business income.

Harris and Emhoff’s income dropped sharply over the prior year, but was similar to the amounts they had listed on their 2018 returns, which Harris released as a candidate for president.

In the latest return, much of their income came from Emhoff’s past work at a law firm, DLA Piper, though Harris did report nearly $300,000 income from her 2019 book in addition to her US Senate salary.

Their assets were listed as being between $3.1 million and $7 million.

Biden reported giving more than $30,000 in charitable contributions, including $10,000 to the Beau Biden Foundation for the Protection of Children and $5,000 to the Food Bank of Delaware, as well as the International Association of Fire Fighters. Harris reported more than $27,000 in donations to charity.

Biden and Harris also released their annual personal financial disclosures.

Biden’s form showed liabilities of a home mortgage, and two loans of less than $50,000.

Harris’ disclosure form shows close to $360,000 in advances from publishers for her political memoir, “The Truths We Hold.” Biden reported less than $201 in income each from two books.

Harris’ form shows liabilities in home mortgages and a line of credit between $100,001 and $250,000, as well as liabilities for Emhoff in a commercial loan between $500,001 and $1,000,000 and a promissory note between $100,001 and $250,000.