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Continuing a tradition by most of President Joe Biden’s predecessors was to make public his tax returns for the previous year. The joint filing of Biden with first lady Dr. Jill Biden showed that the first couple had a significant drop in income in 2020.
The joint filing of the Bidens showed that they made a collective $607,336 in 2020 and paid $157,414 in income tax. This marks a significant drop from their income in 2019, where they made a collective $985,223 which came from paid speaking engagements and positions in educational institutions. The filing, which was made public Monday, showed that the first couple paid 25.9 percent of federal income tax.
The filing also showed that the Bidens donated $30,704 to various charities in 2020. $10,000 was donated to The Beau Biden Foundation which campaigns against child abuse and named after the president’s son, who died in 2015 of brain cancer.
From Biden’s predecessors in the White House, Donald Trump was the only president to refuse to make public his tax returns, the first president since the Watergate scandal. During the campaign, Biden released 22 years’ worth of tax filings in a swipe towards the now-former president. The White House also took a light jab at the former president following Monday’s release of Biden’s tax records.
Previous tax filings made by the Bidens showed that they have donated an overall amount of $70,000 to charity over 20 years up to 2017. The Bidens also have assets amounting to between $1.2 million to $2.88 million.
In other news, the US and the European Union have been at odds in terms of trade and now the EU has agreed to a partial truce with the US over the dispute surrounding metal tariffs. The tariffs were imposed by Trump. The EU has also agreed to discussions regarding global overcapacity and the trade policies of China.
The European Commission announced Monday that it would suspend a planned hike of retaliatory tariffs for six months. Brussels and Washington released a joint statement, saying that as allies and as market-based economies, they would seek to promote high standards as well as address their mutual concerns while holding China’s trade policies accountable.
