President Joe Biden and his wife, Jill Biden, had an adjusted gross income of $607,336 in 2020, and an effective tax rate of 25.9%, according to returns released by the White House on Monday.
That was down from $985,223 in 2019, when they primarily earned money from book sales, speeches and positions at the University of Pennsylvania and Northern Virginia Community College.
The most recent IRS data indicates that the average federal income tax rate is just over 14%.
The release of the Bidens’ tax returns comes as the president is proposing tax increases on wealthy Americans and corporations to pay for his social-spending and infrastructure packages. The president is, for example, aiming to increase the capital gains tax to 39.6% from 20% for those making more than $1 million a year.
Biden also wants to boost the Internal Revenue Service’s budget to help the agency collect unpaid taxes.
Former President Donald Trump refused to release his tax returns when he ran for the White House, breaking with a longstanding tradition. Trump also did not release returns when he served in the White House.
The federal tax filing due date was extended to May 17 from April 15, the IRS announced in March, as taxpayers continue to navigate the coronavirus pandemic.
During the 2020 presidential race, Biden’s campaign said he and his wife made $11 million in 2017 and $4.6 million in 2018, with the income mostly coming from book payments and paid speaking engagements.
The Associated Pres contributed to this report.