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Joe Biden Tax Return

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Last Updated: 29 November 2020

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Just ahead of the first presidential debate, former Vice President Joe BIDEN released his own 2019 income TAX returns, as per custom of recent presidential candidates. Although BIDEN's returns are as newsworthy as TRUMPS returns, they provide some interesting insights. According TO reports from the New York Times, individual income TAX returns filed by President Donald Trump reflect a relatively small amount of federal income TAX pay, in some cases no TAX at all, for the better part of the last two decades. This was a point of contention in the fractious presidential debate between Trump and BIDEN on September 29. Here are several key facts for BIDEN TAX returns: on joint 2019 return filed by BIDEN and his wife, Dr. Jill BIDEN, couple pay almost 300 000 in federal taxes on approximately 985 000 of adjusted gross income, resulting in a relatively high effective TAX rate of 29. 5 %. BIDEN has been in the national spotlight for about quarter of a century and has now released 22 years of returns for public inspection. By way of comparison, New York Times report, which Trump has claimed is inaccurate, indicates that Trump personally hasnt paid any individual income TAX in many recent years and just 750 in 2016 and 2017, mostly due TO losses suffered in his business enterprises. BIDEN's 2019 individual income TAX return includes salaries from S corporations that the former Vice President set up for the purpose of receiving income earned from books and speeches. For 2 017 and 2018, S corporations generated more than 13 million in profits and pay couple less than 800 000 in wages. In 2019, BIDENs' S corporations net approximately 229 000 in profits and pay about 309 000 in wages. Because of its nature, additional pass-through income in the form of distributions from S corporations is avoided 3. 8 percent net investment income TAX which was enacted during the Obama administration, and some controversy has arisen in the press over this issue. The Bidens receive substantial income from a range of sources in 2019, including the University of Pennsylvania, where Joe has established a diplomacy Center, and Northern Virginia Community College where Jill serves as English professor. Joe BIDEN also benefits from a federal pension for his years in public service. Bidens report 52 595 in Social Security income. Couple reported 7 546 in interest income and zero income from dividends or capital gains. The couple itemized deductions on their 2019 return and reported charitable donations of nearly 15 000, including contributions made to religious organizations such as church in Delaware where they commonly attend mass. Notably, Bidens were limited to a maximum 10 000 deduction for state and local TAX payments under the TAX CUTS and Jobs Act provision spearheaded by the Trump administration. Without limitation, total SALT deduction would have been 111 717. BIDEN has advocated repeal of the TCJA limit on SALT payments.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

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* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

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