President Joe Biden has said the wealthy should pay more in taxes — and 25.9% of his income went to the federal government in 2020.
Biden on Monday revived the long-standing presidential tradition of releasing his tax filings, in yet another contrast to his predecessor, former President Donald Trump.
Biden and his wife, Jill, earned $607,336 last year while he was running for president. That is down from $985,223 in 2019, when they primarily earned money from book sales, speeches and positions at the University of Pennsylvania and Northern Virginia Community College.
The most recent IRS data indicates that the average federal income tax rate is just over 14%.
“I would expect that we will continue to release the president’s tax returns, as should be expected by every president of the United States,” White House press secretary Jen Psaki told reporters Monday ahead of the release.
Biden campaigned on the transparency of his personal finances, releasing 22 years worth of tax filings ahead of the 2020 election. It was a direct challenge to Trump, who claimed for several years that an audit prevented him from releasing his taxes — even though the IRS had mandated for more than four decades that the tax returns of a sitting president and vice president be audited.
The New York Times later obtained the tax records of the reputed billionaire and reported that he paid just $750 in federal income taxes during his first year in the White House. IRS figures indicate that the average tax filer paid roughly $12,200 in 2017, about 16 times more than what the former president paid.
“You have not released a single solitary year of your tax returns,” Biden told Trump at one of their presidential debates. “What are you hiding?”
Trump claimed — without evidence — that he had prepaid his taxes and that he thought the $750 was a filing fee.
The IRS does not charge filing fees.