Harris, Emhoff earned more than Bidens with 7-figure earnings, taxes show
Both the first and second families’ tax returns reveal losses of income since the successful Biden-Harris White House bid.
Vice President Kamala Harris and husband Douglas Emhoff earned more than double what President Joe Biden and Dr. Jill Biden earned in 2020.
The first and second families released their tax returns Monday, revealing that Harris and Emhoff earned $1.7 million last year and paid a federal income tax rate of 36.7 percent.
The Bidens earned $600,000 and paid a tax rate of 25.9 percent.
The First Couple’s income dropped during their run for the White House. The Bidens had previously earned nearly $1 million in 2019. The decline was due to fewer paid speaking engagements due to COVID and the former vice president’s successful run for the White House.
Harris and Emhoff also experienced an income decline. They earned a joint $3.1 million in 2019, but Emhoff took a leave from his position as an attorney with DLA Piper once Harris was named the Democratic vice-presidential candidate.
Read More: How Biden policy is addressing the inherent racism behind the U.S. tax code
The disclosure of tax returns from the White House is a stark contrast from the previous administration. Former President Donald Trump never released his tax returns as a candidate, nor as president. He frequently claimed he couldn’t release the returns because he was under audit.
Trump also pushed back against lawmakers and federal prosecutors to keep his returns privileged. The battle eventually reached the halls of the Supreme Court, and its ruling allowed Trump’s returns to be released to prosecutors in the Southern District of New York.
Read More: Supreme Court declines to expand police power to enter homes without warrant
The New York Times obtained decades of Trump’s returns in the fall of 2020, which revealed the former reality TV star and real estate mogul paid $750 in federal income taxes in 2016, the year he won the presidency. He paid another $750 during his first year as commander-in-chief.
The revelation became a talking point before the 2020 presidential election and was even a question during the first presidential debate, where Trump claimed to have paid “millions of dollars” in taxes.
Have you subscribed to theGrio’s “Dear Culture” podcast? Download our newest episodes now!
TheGrio is now on Apple TV, Amazon Fire and Roku. Download theGrio.com today!
The post Harris, Emhoff earned more than Bidens with 7-figure earnings, taxes show appeared first on TheGrio.
from TheGrio https://ift.tt/2SY1lwy
No comments: