On Tuesday, 29th of September, Democratic presidential candidate Joe Biden and his running mate Kamala Harris released their tax returns. According to the report, the taxable income Joe Biden and his wife, Jill, in 2019, amounted to $944,737. Their Federal income taxes was $299 346, or a 31% tax rate in addition to $14 700 charitable contributions. However, 2019 income was a significant decline from the previous year. In 2018, the couple made $4.5 million mainly from book deals. The tax return release came shortly before the much anticipated first debate between Joe Biden and President Donald Trump.
The taxable income of Kamala Harris and her husband, Emhoff, amounted to $3,018 127. A large portion of this income came from Doug Emhoff’s partnership at DA Piper law firm. The couple paid $1,185,628 in income tax or 39% tax rate and made charitable donations of 35,390 in 2019. Harris also earned $264 825 as an author and $157 327 as senate salary. In August, Emhoff said he was taking a leave of absence from the law firm.
The tax release comes after an investigation by the New York Times, alleging that President Trump only paid $750 in federal income taxed in 2016 and 2017. According to Times, Trump did not pay federal income tax ten years before he was elected the president. However, Trump has dismissed the report by the New York Times as fake. He said he had paid millions in payroll and real estate taxes. Trump has refused to release the tax returns ostensibly since he is being audited.
According to Kate Bedingfield, the Biden team deputy campaign manager, the tax release shows transparency. Ultimately, it instills faith in American people that their leader will focus on their wellbeing. Although Biden paid far more in taxes than Trump, his income is nowhere near President Trump’s wealth. In 2016, Biden federal income taxes were $87,000 on an income of $338 000. Trump paid $750 in taxes the same year. With earnings amounting to $11 million the following year, Biden paid $3.7 million in federal income taxes. Again, Trump paid $750 in tax.
According to the reports, Biden’s received wages amounting to $517 334. Joe Biden’s received $135,166 from the University of Pennsylvania for his role as a professor. Similarly, Jill Biden earned $73,286 from Northern Virginia Community College. Biden also owns CelticCapri Corp. and Giacoppa Corp, which paid the Biden’s $112 500 and $196 2436 in wages, respectively.
Presidential candidates are required to file personal financial disclosure. According to the tax releases, Biden shares in CelticCapri are worth $50,014. CelticCapri manages his writing and speaking fees. The presidential candidate left the university after declaring his interest in running for the presidency.
Joe Biden has put forward a tax proposal that will significantly IRS for high-income taxpayers earning more than $400 000. He also proposes new payroll tax levies and increases the top tax rate from 39.6% to 37%.
The step Joe Biden and her running mate solidified their call for transparency. As a result, many people continue to pressure the republican candidate, Donald Trump, to follow suit and issue his tax returns. While Mr. Trump seems hesitant, the expectation is that he won’t defy the norm.