Biden reports lower 2020 income in newly released tax returns

Just as Americans finished filing their 2020 taxes, the president released his.

President Biden shared his tax returns on Monday evening, which Press Secretary Jen Psaki pointedly noted was restoring the time-honored and "transparent" presidential tradition ignored by his predecessor, former President Donald Trump. Vice President Kamala Harris' taxes were released Monday evening, as well.

Notably, both Biden and Harris reported lower incomes than in 2019; they would, however, still "end up paying higher tax rates under Biden's American Family Plan based on their incomes this year," Bloomberg reports. The president's income fell to $607,336 in 2020, while Harris and her husband Doug Emhoff reported a federal adjusted gross income of $1,695,225.

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The big reveal came on the heels of Monday's other tax-related news, in which the Biden administration shared it would "kick-start advance payments" of the American Relief Plan's child tax credit on July 15, per Insider.

Read more at Bloomberg and Insider.