WASHINGTON (AP) — President Joe Biden has released his tax returns, restoring a long-standing presidential tradition.
They show that 25.9% of the first couple's income went to the federal government in 2020.
The most recent IRS data indicates that the average federal income tax rate is just over 14%.
Biden and his wife, Jill, a teacher, earned $607,336 last year while he was running for president.
That is down from $985,223 in 2019 when they primarily earned money from book sales, speeches and positions at the University of Pennsylvania and Northern Virginia Community College.