US President Joe Biden issued his tax return. Both he and First Lady Jill Biden have reported a drop in profits over the past year. As Reuters notes, this represents a return to the usual practice of disclosure of such information by US commanders.
Biden reported income of $ 607,336 in 2020. That was down from $ 985,223 in 2019, when their main source of income was driven by speech and book sales, according to the presidential couple’s tax returns disclosed by the White House.
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Biden personnel paid $ 157,414 in federal income tax, and the effective tax rate was 25.9% in 2020. The latest data from the US Tax Office (IRS) indicates that the average federal income tax rate is just over 14%.
The Biden also reported having cash and investments ranging between $ 1.2 million and $ 2.88 million in a financial statement filed with the Office of Government Ethics (OGE).
Trump’s finances are murky
Biden’s predecessor as President of the United States, Donald Trump, tried to keep his financial affairs secret and repeatedly refused to disclose tax returns, claiming he was already under the control of the IRS, although the office claimed that Trump could disclose his testimony, according to Reuters.
In 2020, the New York Times reported that Trump paid only $ 750 in federal income tax in 2016 and 2017.
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