Bidens report $600,000 in income in 2020

President Biden and first lady Jill Biden released copies of their joint 2020 federal income tax return on Monday as millions of people across the country faced a filing deadline. The first couple reported a gross income of $607,336 last year and paid $157,414 in federal income taxes, which was an effective federal income tax rate of 25.9%.

This marks the 23rd year of tax returns released by the Bidens. The return shows a dramatic decrease in income for Mr. Biden since he started running for president in 2019. After he was vice president, from 2017 to 2019, Mr. Biden made over $15 million, mostly from a book deal and speaking engagements.  However, it also indicates that if his proposed tax increases on the wealthy pass, the president could also be facing higher taxes moving forward.  In addition to releasing their federal income tax return, the Bidens also released their Delaware income tax return, which shows they paid $28,794 in state income tax. The first lady, who teaches at a community college in Virginia, also released her Virginia income tax return, in which she reported paying $443 in taxes.