WASHINGTON (AP) — President Joe Biden has released his tax returns, restoring a long-standing presidential tradition.
They show that 25.9% of the first couple’s income went to the federal government in 2020. The average federal income tax rate is just over 14%.
Biden and his wife, Jill, a teacher, 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%.
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