<p>President Joe Biden and his wife Jill earned just over $600,000 last year, their tax return showed Monday, though the real news was that the document got released at all.</p>.<p>Presidents have traditionally made public their annual tax returns, which detail sources of income and taxes paid, in the name of transparency.</p>.<p>Donald Trump famously broke with this, refusing during his one-term presidency to come clean about his finances or the true state of his property and branding empire.</p>.<p>In their joint tax return for 2020, Biden and his wife Jill, a community college professor, reported federal adjusted gross income of $607,336.</p>.<p>They paid $157,414 in federal income tax, an effective rate of 25.9 percent. They also paid $28,794 income tax to their home state, Delaware.</p>.<p>Biden's number two, Vice President Kamala Harris, is several rungs above him on the financial ladder.</p>.<p>The former California senator released a joint tax return with her lawyer husband Doug Emhoff reporting federal adjusted gross income of $1,695,225.</p>.<p>They paid $621,893 in federal income tax, amounting to a rate of 36.7 percent. They also paid $125,004 in California income tax and Emhoff paid $56,997 in Washington, DC.</p>.<p>Emhoff was a high-profile entertainment industry lawyer and took a leave of absence from his firm when Harris was named Biden's running mate.</p>.<p>The tax returns confirm one thing: both the first and second families could be paying more in taxes if Biden gets his massive American Families Plan education and social spending package passed by Congress.</p>.<p>Under current proposals, the plan would be funded in part by raising the tax top rate for the most wealthy Americans. Those earning less than $400,000 a year, Biden says, would see no increase.</p>
<p>President Joe Biden and his wife Jill earned just over $600,000 last year, their tax return showed Monday, though the real news was that the document got released at all.</p>.<p>Presidents have traditionally made public their annual tax returns, which detail sources of income and taxes paid, in the name of transparency.</p>.<p>Donald Trump famously broke with this, refusing during his one-term presidency to come clean about his finances or the true state of his property and branding empire.</p>.<p>In their joint tax return for 2020, Biden and his wife Jill, a community college professor, reported federal adjusted gross income of $607,336.</p>.<p>They paid $157,414 in federal income tax, an effective rate of 25.9 percent. They also paid $28,794 income tax to their home state, Delaware.</p>.<p>Biden's number two, Vice President Kamala Harris, is several rungs above him on the financial ladder.</p>.<p>The former California senator released a joint tax return with her lawyer husband Doug Emhoff reporting federal adjusted gross income of $1,695,225.</p>.<p>They paid $621,893 in federal income tax, amounting to a rate of 36.7 percent. They also paid $125,004 in California income tax and Emhoff paid $56,997 in Washington, DC.</p>.<p>Emhoff was a high-profile entertainment industry lawyer and took a leave of absence from his firm when Harris was named Biden's running mate.</p>.<p>The tax returns confirm one thing: both the first and second families could be paying more in taxes if Biden gets his massive American Families Plan education and social spending package passed by Congress.</p>.<p>Under current proposals, the plan would be funded in part by raising the tax top rate for the most wealthy Americans. Those earning less than $400,000 a year, Biden says, would see no increase.</p>