Biden, Kamala Harris's Incomes Dropped In 2020, Tax Returns Show

Joe Biden and first lady Jill Biden paid $157,414 in federal income tax, making their federal income tax rate 25.9%, according to their 2020 tax return

President Joe Biden's income fell dramatically to $607,336 in 2020 as he dropped lucrative speaking engagements to campaign for the White House, but he still earned enough to pay the higher tax rates he's proposed for wealthy people. Biden and first lady Jill Biden paid $157,414 in federal income tax, making their federal income tax rate 25.9%, according to their 2020 tax return, which was obtained by Bloomberg News ahead of its Monday release by the White House. They paid an additional $28,794 in Delaware state taxes and $433 to Virginia, where the first lady teaches. The Bidens reported holding cash and investments totaling between $1.2 million and $2.88 million in a financial disclosure filed to the Office of Government Ethics ahead of Monday's deadline for senior executive branch officials and also obtained by Bloomberg. Biden was consistently at the bottom of net worth rankings for members of Congress during his years in the Senate, but cashed in after the vice presidency, making more $16.5 million from 2017 to 2019, according to according to tax returns previously released by his presidential campaign.