Joe Biden’s Millions: Former VP Releases Three Years Of Tax Returns

Democratic presidential front-runner Joseph R. Biden on Tuesday released his federal tax returns from the past three years, showing a multimillion-dollar income from a book deal after leaving the White House.

Mr. Biden's income soared from $396,456 during his last year as vice president in 2016 to more than $11 million in 2017 and more than $4.5 million in 2018, according to the returns.

Most of his massive post-White House income came from book payments for Mr. Biden's "Promise Me, Dad" and his wife Jill Biden's "Where the Light Enters," as well as paid speaking engagements.

The speaking fees in 2017 and 2018 totaled more than $700,000.

The tax rates they paid on their adjusted gross income was 23.5% in 2016, 33.9% in 2017 and 33.4% in 2018.

The top tax bracket in 2018 was 37% for those making more than $500,000. The wealthiest Americans typically pay an effective tax rate of about 25%.

"Today's releases, in combination with the 10 years of taxes he released during the campaign in 2008 and his regular release as Vice President, mean that Vice President Biden has now made public the last 21 years of tax returns — more than any other candidate currently running for president," the campaign said in a statement.

The volume of tax documents made available by the Biden campaign also drew a stark contrast with President Trump, who continues to refuse to disclose any tax returns, citing an ongoing audit by the IRS.

The Bidens' charitable contributions rose and fell with their income level. In 2016, they claimed $5,889 in donations to organizations including $1,000 to the Catholic Diocese of Wilmington, $1,500 to Westminster Presbyterian Church, $1,093 to the USO and $1,271 to Northern Virginia Community College where Ms. Biden works as a professor.

The next year, they claimed more than $1 million in charitable giving, including $100,000 to the Joseph Biden Foundation and $150,000 to the Beau Biden Foundation for the Protection of Children and $25,000 to the Human Rights Campaign Foundation.

In 2018, their reported charitable giving receded to $275,796. They claimed donations that included $100,000 to the Delaware Center for Justice, $50,000 to the Beau Biden Foundation and $40,000 to the Community Legal Aid Society.

That year he also claimed a $5,000 gift to his foundation.

The Bidens' day jobs also paid well.

Ms. Biden's gig at Northern Virginia Community College earned her $90,132 in 2017) and $94,705 in 2018.

Mr. Biden scored the post of Benjamin Franklin Presidential Practice Professor at the University of Pennsylvania, for which he collected $371,159 in 2017 and $405,368 in 2018.

The big bucks from book deals and the speakers' circuit were paid through their S-Corporations, known as CelticCapri and Giacoppa.

S-Corporations are commonly used by taxpayers to consolidate earnings and expenses. These corporations rarely pay income taxes. The earnings are passed on to shareholders, in this case, the Bidens, who pay the income taxes.

The Bidens employed staff and contractors through the two corporations.

The campaign also released Mr. Biden's financial disclosure form that was prepared by the Office of Government Ethics. The document, which shows a range of values for held assets, covered the period from Jan. 1, 2018, through May 31, 2019.

Excluding retirement plans, the Bidens hold between $500,000 and $1.2 million in cash.

Their CelticCapri and Giacoppa corporations are worth between $1 and $5 million and $500,000 and $1 million, respectively.