President Joe Biden made news on Monday after releasing his tax returns, reviving a presidential practice that former President Donald Trump had abandoned during his term. Vice President Kamala Harris followed suit, with her financial documents revealing that her family made more than a million more than the Bidens.
What is the explanation for this? Doug Emhoff, Harris’s spouse, has a successful job as a private attorney.
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In 2020, the Bidens made a combined $607,336 in income, donated about $31,000 to charity, and owing $157,414 in federal income taxes.
Last year, Harris and Emhoff reported an adjusted gross income of $1,695,300, contributed more than $27,000 to charity, and paid $621,893 in federal taxes. (The pair also paid $125,004 in California income taxes, with Emhoff paying an additional $56,997 in Washington, D.C. income taxes.) This means they contributed more to the federal government than the Bidens did.
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According to Bloomberg, the Second Family’s financial success is mostly attributable to Emhoff’s position as a partner at the legal firm DLA Piper, where he pulls in a major portion of the couple’s joint income. Emhoff worked for the firm for roughly a year before taking a leave of absence when his wife joined Biden’s campaign in August.
Last year, Harris and Emhoff reported an adjusted gross income of $1,695,300, contributed almost $27,000 to charity, and paid federal taxes of $621,893. (In addition, the pair paid $125,004 in California income taxes, with Emhoff paying an additional $56,997 in Washington, D.C. income taxes.) They paid more in federal taxes than the Bidens did.
According to Bloomberg, the Second Family’s financial success is primarily attributable to Emhoff’s work as a partner at the legal firm DLA Piper, which accounts for the majority of the couple’s combined income. Emhoff was paid around $1.2 million by the firm before taking a leave of absence in August when his wife joined Biden’s campaign.
Both households’ tax filings revealed a significant drop in earnings from the prior year. In 2019, the Bidens earned an adjusted gross income of around $985,000, while Harris and Emhoff earned $3,095,590, a 46 percent decline from the previous year’s $3,095,590.
Former Vice President Mike Pence, like Trump, never made his tax returns public while in government. Trump barely paid $750 in federal income taxes during each of his first two years in office, according to The New York Times.