President Biden and first lady Jill Biden released their 2021 federal income tax return Friday, as did Vice President Kamala Harris and second gentleman Doug Emhoff. The Bidens’ tax records show they earned a total of $610,702 in 2021, and paid $150,439, for an effective income tax rate of 24.6%. The Bidens donated more than $17,000 to charities. The first couple earned roughly the same amount in 2020 — over $607,000.
Harris and Emhoff earned significantly more in 2021 — $1.66 million, according to their jointly filed tax return. They paid $523,371 in income tax, for an effective tax rate of 31.6%. The couple earned roughly the same amount in 2020, when they reported nearly $1.7 million in income. The second couple paid $120,517 in California income tax in 2021, and Emhoff paid $54,441 in income tax to the District of Columbia. They donated just over $22,000 to charity.
Some of the income Harris and Emhoff reported was from the sale of Harris’ San Francisco condo, which netted them more than $319,000. Harris also reported income as a writer — $452,664.
The Bidens, who travel frequently to Delaware to spend time at their residences there, filed their state returns in Delaware.
The Bidens’ tax returns also reflect that their S corporations established in Delaware. S Corporations are sometimes criticized because the recipient doesn’t owe Medicare or Social Security taxes, and the source of revenue is untraceable. The Celticcapri Corp. is attached to Mr. Biden, and the Giacoppa Corp. is attached to the first lady, as their tax return notes.
The first lady also paid non-resident taxes in the state of Virginia, where she teaches at NOVA Community College. She paid $2,721 in Virginia income tax.
— Nancy Cordes and Gaby Ake contributed to this report.
