Tuesday, May 18, 2021
Different from its predecessor
Biden publishes tax return
With the publication of his tax return, US President Biden is following the political customs of the USA. While his predecessor Trump always refused, Biden’s fortune is no secret. So it has gone better for him financially.
Unlike Donald Trump’s predecessor, US President Joe Biden continues to publish his annual tax return. Biden and his wife Jill earned an income of over 600,000 US dollars (around 500,000 euros) in 2020. The couple paid a good $ 157,000 federal income tax and paid an additional $ 29,000 in their home state of Delaware, the White House said.
With the publication of the tax return, Biden followed the political customs in the USA. The political side entrant, Trump, who made his fortune primarily through real estate business, had always refused to accept this tradition as president and fought to the end in court to keep his tax payments secret.
US Vice President Kamala Harris and her husband Douglas Emhoff reported an income of $ 1.7 million for 2020, on which they paid a total of around $ 800,000 in taxes. For the former senator and her husband, a successful lawyer, the income in the election year was significantly lower than in 2019. At that time, the two had a total income of just under 3.3 million dollars. For the former Senator and Vice President Biden, 2019 was a better year financially: At that time, he and his wife Jill reportedly still had an income of a good $ 985,000.
Biden wants to raise income tax for top earners
Biden and Harris had prevailed against Trump in the election last November. You have been in office since January 20th. According to reports from US media, the Republican Trump is said to have hardly paid any income tax to the federal government for years. The New York Times reported that Trump only paid $ 750 in income tax in 2016 and 2017. Trump rejected the report across the board at the time, but also pointed out that the president pays other taxes in the millions.
The New York Public Prosecutor’s Office is likely to get or already have insight into Trump’s tax files due to ongoing investigations and a corresponding ruling by the Supreme Court. Publication of the documents seems unlikely, however. The Democrat Biden wants to increase the income tax for top earners – which would also affect him himself. Biden intends to use the proceeds to finance major investments in infrastructure and social benefits. Whether he can win the approval of Congress for this is still uncertain, because he would have to rely on several dissenters from the Republicans in the Senate.
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