The Biden tax payments reflect another stark contrast to their predecessor, who, according to a New York Times investigation,
typically paid no federal income taxes at all, despite being, in his own words, “really rich.”
In a further sign of a return to better days, we also now have a president who is ready, willing and able to set aside narrow self-interest and to raise taxes on himself, as part of a household earning more than $400,000
. Biden has proposed raising the highest ordinary tax rate back to 39.6%,
from the 37% set by the 2017 Trump tax cuts. This move alone would add over $5,000 to the Biden household tax bill. Again, this is a pleasant contrast with the former guy, who famously told his friends at Mar-a-Lago that “You all just got a lot richer”
after he signed his biggest legislative achievement, the tax bill, into law. The Trump administration, ever-shameless, even included a tax break
for the top 1% in its Covid-relief bill, of all places.
With filing day now behind us, the tax-related news brought one more blast of a hopeful change in the weather. Vice President Kamala Harris and second gentleman Douglas Emhoff also released a summary of their tax return. The couple reported $1,695,225 in adjusted gross income and paid $621,893 in taxes. So not only does America have its first woman vice president, and our first woman of color vice president: we also have a woman of color vice president who last year made more than her White male boss.
How pleasant It is to be enjoying a hopeful spring again.