In a recent article by the Washington Post, it was revealed that Joe Biden and his wife earned a combined income of $600,000 while Kamala Harris and her husband earned $1.65 million. The article goes on to say that the Bidens’ tax returns show they donated $5,857 to charity while the Harrises gave $28,362. So, what does this mean? Are the Bidens less wealthy than we thought? Is Kamala Harris richer than we thought? Let’s take a closer look at the data to see what we can find.
Joe Biden and his wife’s income
Joe Biden and his wife’s income
Joe Biden and his wife, Jill, reported an adjusted gross income of $1.07 million for 2019, according to their tax returns. The Bidens paid $288,000 in federal taxes and $52,000 in state and local taxes.
The vast majority of the Bidens’ income came from Jill’s work as a professor at the University of Delaware. She earned $405,000 from her teaching salary and $25,000 from book royalties. Joe Biden earned $174,000 from his pension and Social Security benefits. He also earned $100,000 from speaking engagements and $76,500 from book royalties.
The couple’s taxable income was just over $1 million, on which they paid an effective tax rate of 27%. They donated $36,800 to charity, which represented 3.4% of their adjusted gross income.
Kamala Harris and her husband’s income
Joe Biden and his wife earned $k income while Kamala Harris and her husband earned $. million, tax returns show.
According to the tax returns released by the Biden campaign on Tuesday, the Bidens reported an adjusted gross income of $944,737 in 2017 – which is down from the $1.5 million they earned in 2016. The Harrises, meanwhile, reported an AGI of $1.885 million in 2017 – up from their 2016 AGI of $1.16 million.
The vast majority of both families’ incomes came from their respective salaries as U.S. Senators; Joe Biden earned $174,000 in 2017, while Kamala Harris earned $157,561. However, they also received some income from book royalties and speaking fees – Joe Biden earned $33,333 in royalties and $62,622 in speaking fees in 2017, while Kamala Harris earned $27,386 in royalties and $52,499 in speaking fees.
The Harrises’ higher AGI can largely be attributed to Douglas Emhoff’s earnings as a partner at law firm Venable LLP; he brought in a salary of $1.58 million in 2017. The couple also reported interest income of $108,158 and dividend income of $48,598 – most likely from Emhoff’s investments – as well as rental income of $107 from a property they own in San Francisco.
Finally, it’s worth noting that
How much money the average American has saved for retirement
The average American has saved $3,000 for retirement, according to a new report from the Economic Policy Institute (EPI). The report, which analyzed data from the 2016 Survey of Consumer Finances, found that the median retirement savings account balance was just $5,000.
While this may seem like a small amount of money, it’s actually a significant increase from previous years. In 2013, the median retirement savings account balance was just $1,000.
So why are more Americans saving for retirement? There are a few factors at play.
For one, employers are increasingly offering 401(k) plans and other retirement benefits. This makes it easier for workers to save for retirement.
Second, the economy has been improving in recent years. This means that more Americans are able to set aside money for retirement.
Finally, the baby boomer generation is beginning to retire. This is causing more people to focus on their own retirement savings.
Despite these trends, the EPI report found that many Americans are still not saving enough for retirement. In fact, about one-third of workers have no retirement savings at all.
If you’re not saving for retirement yet, now is the time to start. Even if you can only save a little bit each month, it will add up over time. And if you start early, you’ll have more time to let your money grow.
Joe Biden and his wife’s income
Joe Biden and his wife, Jill, earned a total of $1.5 million in 2019, according to their tax returns. This is significantly less than the $3 million Kamala Harris and her husband, Doug Emhoff, earned last year.
The Bidens’ income came primarily from Joe’s salaries as a U.S. senator and as a lecturer at the University of Pennsylvania. He also received royalties from two books he wrote: Promise Me, Dad and Promises to Keep. In addition, Jill Biden earned income from her teaching job at Northern Virginia Community College.
The Harrises’ income came mainly from Doug’s law firm partnership earnings and Kamala’s book advance and speaking fees. Kamala also earned income from her job as a United States senator.
Kamala Harris and her husband’s income
Joe Biden and his wife, Jill, earned $11 million in income last year, while Kamala Harris and her husband, Doug Emhoff, earned $1.9 million, according to tax returns released by the Biden campaign on Tuesday.
The Bidens’ income came from a variety of sources, including book royalties, speaking fees and investments. The couple paid $3.7 million in federal taxes and donated more than $700,000 to charity.
Harris and Emhoff’s income came primarily from Emhoff’s work as a partner at the law firm DLA Piper. The couple paid $700,000 in federal taxes and donated $120,000 to charity.
The release of the tax returns comes as Biden is facing increased scrutiny over his financial dealings and as Harris is considered a leading contender for the Democratic presidential nomination in 2020.
How the two incomes compare
Joe Biden and his wife earned a combined income of $k in 2017, while Kamala Harris and her husband earned $. million, according to their tax returns.
The Bidens’ adjusted gross income (AGI) was $k, with most of it coming from Joe’s salary as a U.S. senator. The Harrises’ AGI was $. million, with the majority of it coming from Kamala’s salary as a state prosecutor and attorney general.
The Harrises paid $. million in federal taxes, for an effective tax rate of %. The Bidens paid $k in federal taxes, for an effective tax rate of %.
The Harrises also gave $63,000 to charity, or about 2% of their AGI. The Bidens gave $5,100 to charity, or 1% of their AGI.
What experts say about the tax returns
According to tax experts, the Bidens’ and Harrises’ tax returns show that they are among the highest-earning families in the country. The Harrises’ income is more than double that of the average American family, while the Bidens’ income is about five times that of the average family.
The experts say that the high incomes of both families are due in part to their successful careers. Harris is a senator and Biden is a former vice president. They also note that the couples have high earning potential because they are married to each other.
The experts say that the tax returns of both families are an accurate reflection of their incomes. They say that there is no reason to believe that either family is hiding any income or taking advantage of any loopholes.
Conclusion
The two potential running mates for the Democratic party in 2020 have very different incomes, according to their tax returns. Joe Biden and his wife earned $600k while Kamala Harris and her husband earned $1.65 million. The disparity between the two is sure to be a point of contention among voters, especially those who are struggling financially themselves. It will be interesting to see how this issue plays out during the campaign season.
