President Joe Biden delivers remarks on the COVID-19 response and the ongoing vaccination program at the Eisenhower Executive Office Building on May 12, 2021 in Washington, D.C.
Photo by Drew Angerer/Getty ImagesPresident Joe Biden and First Lady Jill Biden earned $624,000 in 2020, according to tax returns released by the White House on Monday.
The campaign certainly stunted their income. The Bidens reported $1 million of earnings in 2019, $4.6 million in 2018 and $11.1 million in 2017, as they cashed in on books and speeches after leaving the Washington. But those income streams evaporated in 2020. Nearly half of their income last year came from social security payments or pensions and annuities.
With the release of these tax returns Biden restarted the tradition of presidents sharing their tax returns with the public. Donald Trump refused to release his returns on the campaign trail and while in office, breaking with precedent dating back decades.
Biden also filed his financial disclosure report Monday, outlining his assets and liabilities.
Here are five things we learned from the tax returns and financial disclosure report.
1.
Jill Biden is in the process of divesting interests she has in some sector-specific funds. The financial disclosure noted three invested in technology, healthcare and utilities. Together, they are worth between $31,000 and $115,000. Biden pledged that as president, he and his wife would only own annuities, mutual funds, Treasury bonds and private residential real estate.
2.
In 2020 Joe and Jill Biden donated $30,704 to ten charities, including $10,000 to the Beau Biden Foundation, the tax returns show.
3.
Biden officially separated from the University of Pennsylvania in January 2021 after a short-lived, but highly-paid stint as the Benjamin Franklin presidential practice professor. Between 2017 and 2018 Biden reported earning more than $750,000 in salary from the school. He took a leave of absence when he launched his presidential campaign in 2019.
Biden’s S-corporation, which he used for speaking and book deals will “remain dormant” and not take in “any business other than to receive potential royalties,” according to the disclosure.
4.
The Bidens continue to keep much of their fortune in cash. The disclosure shows at least $950,000 in six bank accounts, just as last year’s disclosure did.
5.
Biden still carries some debt. His largest loan is a mortgage against his Wilmington, Delaware home. His disclosure lists the amount of debt outstanding in a range—$250,000 to $500,000. Forbes estimates there is about $400,000 left in principal. The disclosure shows a term loan, worth $15,000 to $50,000, as well as loans against the cash value of policies, worth $15,000 to $50,000.
To read about Kamala Harris’ tax returns and financial disclosure go here.
