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LAUGH BREAK. Biden releases his tax forms, showing that
he and his wife, Jill Biden, earned just over $600,000 in 2020.

By Jim Tankersley, May 17, 2021, NY Times

President Biden released tax forms on Monday showing that he and his wife, Jill Biden, earned just over $600,000 in 2020.

The Bidens paid an effective federal income tax rate of 25.9 percent after donating about 5 percent of their income to charity, the documents showed. Their total federal income tax bill was just over $157,000. For 2019, the Bidens had an adjusted gross income of $985,000 and paid federal income taxes of nearly $288,000.

Both the presidential and the vice-presidential households appear to fall safely in the top 1 percent of American income earners, based on statistics from the Internal Revenue Service. And both would face tax increases this year if Mr. Biden succeeds in pushing Congress to raise a variety of taxes on high earners, as he is proposing to help fund nearly $2 trillion in new spending and incentives meant to strengthen education, child care, paid leave and other social programs.

Much of the Bidens’ income came from pensions, including Mr. Biden’s government pension from his years as a senator and vice president. That disbursement will pause now that Mr. Biden has re-entered the government, White House officials say.

Jill Biden received nearly $300,000 in income — including income from business profits — from an S corporation controlled by the Bidens, which received money in 2020 from two publishing houses, Simon & Schuster and Flatiron.

An S corporation is a small business designation that allows business income, credits and deductions to pass through to shareholders.