Biden releases tax returns before debate with Trump

2020-09-30 | Since 2 Month

Democratic presidential nominee Joe Biden

Democratic presidential nominee Joe Biden released his tax returns -- a move expected to pressure US President Donald Trump to do the same before their much anticipated first debate later Tuesday.

The former vice president had an income of approximately $750,000 in 2019 based on employment assets, income and retirement accounts, according to a tax document filed May 15. His spouse, Jill, earned close to $160,000.

Although it is difficult to determine federal taxes paid due to different tax brackets, in general, taxes on $1 million of earned household income would fall within the highest income bracket of a 37% tax rate. That would bring the couple's combined tax amount to $336,000.

Trump did not pay any federal income taxes in 10 of the last 15 years, according to a New York Times report Monday, which said the former businessman paid just $750 in federal income tax the year he took office in 2016, and another $750 in 2017.

The president, who is being investigated by the Internal Revenue Service regarding a $72.9 million tax refund he received, claims he cannot share information on his tax return because of the investigation. Trump also said the report is part of the ''fake news'' campaign against him ahead of elections.

 

Read More: Biden bashes Trump's leadership on pandemic, Trump attacks Biden on trade

 

Although US presidents are not required to release their tax returns to the public, every presidential candidate had done so voluntarily since 1974, except Gerald Ford, who released 10 years of summaries.

While Biden demanded Trump release his tax records in October 2019 saying: "Mr. President, release your tax returns or shut up," the candidate is expected to repeat the demand at the first presidential debate Tuesday that will begin at 9 p.m. (0100GMT).



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