US President Joe Biden has announced his taxation. He and first lady Jill Biden have reduced the fall in incomes over the past year. As Reuters reports, this indicates a return to the normal practice of US leaders disclosing such information.
Biden reported revenue of 7,607,336 in 2020. It was 5,985,223 in 2019, given that speech and book sales were their main source of income, according to the White House’s presidential couple’s tax report.
The Biden people paid 7 157,414 in federal income tax, and their effective tax rate was 25.9 percent in 2020. The latest data from the U.S. Tax Office (IRS) indicates that the average federal income tax rate is just over 14%.
In a financial statement filed with the Office of Government Regulations (OGE), Fiden said it has $ 1.2 million to $ 2.88 million in cash and investments.
Trump’s finances are a mystery
Biden’s predecessor as US president, Donald Trump, has repeatedly sought to keep his funds a secret and refused to disclose tax revenues, claiming he was already under IRS control, although the office said Trump could release his testimony, Reuters writes.
In 2020, the New York Times reported that Trump paid just $ 750 in federal income tax in 2016 and 2017.
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