A lot of Americans believe the idea that politicians can profit while in office is problematic. In the case of a President, there are many mechanism that prohibit profit making – though we are seeing that change over the years.
President Joe Biden and first lady Jill Biden paid $150,439 in federal income taxes last year after earning $610,702, according to their joint tax return the White House released Friday ahead of Monday’s tax filing deadline.
That’s an effective federal tax rate of 24.6%.
The president’s salary is $400,000. But Biden reported earning $378,333 as president because he didn’t take office until Jan. 20, 2021.
The job of first lady is unpaid.
In addition to Biden’s salary, the first couple reported $53,000 in pensions and annuities and $46,000 in Social Security benefits. They also reported receiving $62,000 from two S corporations – Giacoppa Corp. and CelticCapri Corp., which the White House said they created at the end of the Obama-Biden administration for their respective speaking and writing engagements.
The corporations have been dormant since Biden took office and serve only to receive royalties for books published before the administration began, including the president’s 2007 publication, “Promises to Keep,” the White House said.
Jill Biden also reported earning $67,000 from teaching at Northern Virginia Community College.
In addition to their federal taxes, the Bidens also paid $30,765 in income tax to Delaware, where they maintain a home. Jill Biden paid $2,721 in income tax to Virginia.
The first family gave a combined $17,394 to 10 charities. The largest gift was a $5,000 donation to Beau Biden Foundation, a public charity named after Biden’s late son that is dedicated to ensuring children are free from abuse. The couple also donated $2,200 to St. Joseph on the Brandywine, the Catholic Church they regularly attend in Wilmington, Delaware.
Their income and federal tax bill was similar to last year’s.
Releasing the president’s tax returns is a tradition that was broken during Donald Trump’s four years in the White House.
With this year’s release, the Bidens have made public 24 years of tax returns, according to the White House.