Joe Biden resumes tradition ignored by Trump, releases tax returns showing $600,000 income

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 (Getty Images)
(Getty Images)

Newly released tax returns show President Joe Biden and first lady Jill earned just over $600,000 in 2020.

The Biden's financial records, which revealed they paid 25.9 per cent ($157,414) in federal income tax, were released on Monday.

Documents show they also donated around 5 per cent of their earnings to charitable causes and paid $28,794 in income tax in their home state of Delaware.

A White House statement said the release shows Mr Biden "has shared a total of 23 years of tax returns with the American public."

The disclosure resumes a presidential tradition ignored by Donald Trump, who refused to make public his finances before and during his tenure in the White House.

President Trump, who has recently set up his own blog and is said to be mulling another tilt at the Oval Office in 2024, fought in the courts to have his earnings kept secret.

However, documents leaked to a newspaper in 2020 showed Mr Trump paid just $750 in federal taxes in 2016 before assuming office.

Vice President Kamala Harris and her husband Douglas Emhoff, a lawyer, also released their tax returns.

Mr and Mrs Harris brought in around $1.7 million last year and paid 36.7 per cent ($621,893) in federal income tax.

The couple also paid $125,004 in California income tax and Mr Emhoff paid $56,997 in tax to the District of Columbia.

They reported donating over $27,000 to charity.

Presidents and vice presidents have been subjected to mandatory annual audits since the Watergate scandal, which ended with the resignation of then President Richard Nixon.

Every commander-in-chief since then - apart from Mr Trump - has released tax records showing their financial position.

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