Joe Biden and Kamala Harris release their tax returns

US President Joe Biden and Vice President Kamala Harris on Monday released their tax returns, according to which in 2020, she had an income of more than USD 1 million as compared to his USD 607,336.

The President and the first lady, Jill, a teacher, filed their income tax return jointly and reported federal adjusted gross income of USD 607,336, down from USD 985,223 in 2019. The first couple paid USD 157,414 in federal income tax and their 2020 effective federal income tax rate is 25.9 per cent, the White House said.

On the other hand, the Vice President and second gentleman Doug Emhoff reported federal adjusted gross income of USD 1,695,225. They paid USD 621,893 in federal income tax, amounting to a 2020 effective federal income tax rate of 36.7 per cent. They also paid USD 125,004 in California income tax. The second gentleman paid USD 56,997 in District of Columbia income tax. They contributed USD 27,006 to charity in 2020.

According to the White House, the President and the first lady also reported donating USD 30,704 or about 5.1 per cent of their total income to 10 different charities. The largest reported gift to charity was USD 10,000 to the Beau Biden Foundation, a public charity dedicated to ensuring that all children are free from the threat of abuse.

The President and the first lady also released their Delaware income tax return and reported paying USD 28,794 in Delaware income tax. The first lady also released her Virginia income tax return and reported paying USD 443 in Virginia income tax.

As required by law, the President and Vice President also released their public financial disclosure reports. The Ethics in Government Act of 1978 requires high-level federal officials to publicly disclose their personal financial interests. The public filing system serves to prevent financial conflicts of interest by providing for a systematic review of the finances of government officials.

"Those finances are set forth in annual disclosures, which are reviewed and certified by the independent Office of Government Ethics. Neither the President nor the Vice President have any conflicts of interest," the White House said.