Biden releases tax return, reports paying 24.6 percent rate

[brooklynite]

Source: Politico

President Joe Biden and his wife paid $150,439 in federal income taxes on $610,702 in 2021 earnings, they said in a tax return released Friday.

That translates into an effective rate of 24.6 percent.

The Bidens also reported giving $17,394 to charity.

The release comes before the April 18 filing deadline, and it marks a continuation of what had been a decades-old tradition of presidents voluntarily releasing their tax returns that had been broken by former President Donald Trump.

Read more: https://www.politico.com/news/2022/04/15/biden-tax-return-00025643

[underpants]

1. Our rate is about 12%

We are going to get $100 back this year. Our accounting degrees appreciate the accuracy.

[jimfields33]

2. That is pretty close to a perfect tax return

Zero is best of course. Last year I paid an additional 444.00. I wanted zero this year, but paid an additional 156.00. I’m at the 12 percent as well.

[MissB]

12. We will net $10

We actually get state and federal refunds this year. Usually we are within $1k either way to each, which is close enough for me.

But the state has a kicker this year, triggering a decent sized refund. And we bought an electric vehicle last year so we got the incentive for that from the feds, in the form of a decent sized refund.

But two new local taxes swept up those refunds and will leave us with exactly $10.

Not sure how we will spend our windfall.

[underpants]

14. That's a lot of scratch lottery tickets

Let your money work for YOU!

[NCjack]

3. No drama. Just plop -- there it is, folks, my and my wife's tax return. Top that Donny.

[cstanleytech]

8. "Top that Donny. " Didn't you hear? The IRS won't let him as he is in a perpetual audit land.

[SoCalDavidS]

4. Wow! A President That Actually Releases His Tax Returns

I guess when you're Honest, they don't audit your Tax Returns for the last decade.

[ClimateHawk]

5. I like presidents who release their tax returns.

[Grokenstein]

6. Not fair to compare poor widdle dim donnie to President Biden.

Joe doesn't have something to hide!!

[VarryOn]

7. I'm surprised they don't give more to charity...

That's less than 3%.

[JT45242]

13. That was my thought

Joe is a very devout man. I figured he would tithe as a spiritual practice. Lots of good charities that work on homelessness, battered wives, hunger, etc. through either the Catholic charity system, ecumenical, or interfaith groups.

[iemanja]

20. I don't think religious

Charities are tax deductible, not Church tithes anyway.

[renegade000]

16. If I had to guess, probably saving money to support Beau's kids

Seems ages ago politically, but in terms of finances, not really...
https://www.theguardian.com/us-news/2016/jan/12/joe-biden-barack-obama-money-house-beau-family

[Warpy]

9. I'm glad they have an income high enough to pay that tax rate

Now if only we could convince billionaires and their cold blooded tax strategists that the best bragging rights should be over how much one contributes to the country every April 15.

Yeah, I know, but I can dream.

[Grins]

10. 10% MORE than Mitt Romney paid in 2012...

…for his 2011 taxes.

[MichMan]

18. Harry Reid said that Romney paid zero in taxes for ten years

[Grins]

21. He was (being polite) wrong.

[Grins]

11. He paid $150,439 which is...

…20,000% more than trump paid on his income of $439 million in 2016. Which is the most he paid in the 10 prior years.

[twodogsbarking]

15. He pays taxes on legal income.

Not like those who have income that is not legal.

[gab13by13]

17. 24.6% more than Trump paid.

[DFW]

19. Must be nice to be paying income taxes in only one country

There are two countries in the world that do not recognize residence-based taxation: Eritrea is one. The USA is the other. Depending on how a 12 year old dispute with the Germans finally shakes out, because I reside in Germany, but am paid in the USA by a US employer, I pay between 50% and 67% when both countries have finished demanding their cut (the Double Taxation Treaty is a joke, since there are plenty of kinds of income not covered by it).

Oh, well, can't take it with you anyway......