Bidens Reports Adjusted Gross Income of $ 607,336 in 2020 Tax Returns



First Lady Jill Biden and US President Joe Biden reported more than $ 600,000 in adjusted income for the past year. (Photo by Tasos Katopodis / Getty Images)

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Here’s what you need to know to navigate the markets today.

• President Joe Biden and his wife Jill Biden reported adjusted gross income of $ 607,336 in 2020 while running for president, The Wall Street Journal reported. Taking up a tradition of presidents voluntarily disclosing their tax returns – a practice violated by former President Donald Trump – the Bidens released their tax returns on Monday. The majority of their income in 2020 came from Jill Biden’s pensions, Social Security benefits and liabilities, for which they paid $ 157,414 in federal income and self-employment taxes, or 25.9% of their income. adjusted gross. They would pay more under President Biden’s proposed tax hikes, which aim to raise the rate for top earners to 39.6% from the current 37%. They also donated $ 30,704 to charity, including $ 10,000 to the Beau Biden Foundation, a charity that fights child abuse named after their deceased son. “We will continue to release the president’s tax returns, as all presidents of the United States should expect,” White House press secretary Jen Psaki said on Monday. Vice President Kamala Harris and her husband Douglas Emhoff also released their 2020 income tax returns, reporting adjusted gross income of $ 1.7 million, mostly from his work as a lawyer.

• Republican lawmakers are expected to release a revised infrastructure proposal later today.
Senator Shelley Moore Capito (R., W.Va.), Senate Commerce Committee Chairman Roger Wicker (R., Miss.) And other Republicans drafted a $ 568 billion infrastructure plan in response to President Joe Biden’s nearly $ 2.3 trillion plan, but Democrats called GOP plan inadequate, Reuters reported. Biden’s infrastructure and jobs plan calls for upgrading roads and bridges, as well as tackling climate change, clean water, renewable energy and care for the elderly, among others. Republicans criticized the scope and price of Biden’s plan and said they preferred a plan that focused on roads, bridges, waterways and broadband access. Capito, Wicker and other Senate Republicans met with Biden last week, and Capito told reporters on Monday they hoped to have a new plan “early this week.”

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