Joe Biden and Kamala Harris Reveal Property Taxes

0


Kamala Harris and Joe Biden with Donald Trump (Getty; iStock)

Joe Biden and Kamala Harris lost the ability to deduct tens of thousands of dollars in property taxes from their federal income taxes last year following President Donald Trump’s tax code overhaul in 2017.

The Democratic presidential candidate and his running mate released their personal income taxes on Tuesday night, just before the first debate between Biden and Trump, who refused to release his taxes. The New York Times published its investigation into 20 years of Trump’s personal tax returns on Sunday.

The documents filed by Biden and Harris give a window into the candidates’ personal finances, their real estate and how they have been affected by Trump’s policies.

The former vice president paid more than $ 17,300 in state and local property taxes last year, according to forms he co-filed for 2019 with his wife, Jill Biden. The couple have owned a 7,000 square foot lakefront home in Wilmington, Delaware for more than 20 years. They also paid $ 2.7 million for a 4,800 square foot vacation home in Rehoboth Beach in 2017.

Senator Harris has paid more than $ 58,000 in state and local property taxes on approximately $ 8 million of homes she and her husband, Douglas Emhoff, own in Los Angeles, San Francisco and Washington, DC, according to the couple’s documents.

In addition to their local income taxes, the Bidens and Harris / Emhoff detailed $ 111,717 and $ 316,423 in state and local taxes, respectively, in 2019. But those deductions were capped at $ 10,000 each due to the Trump administration limit on state and local tax deductions. of the Tax Reduction and Employment Act 2017.

The Biden campaign did not immediately respond to a request for comment. He and Harris have expressed support for attempts by Democratic lawmakers to repeal the limits.

Industry experts say the cap on SALT deductions has led buyers from high-tax states such as New York and New Jersey to flee to lower-cost states.

Delaware and California, meanwhile, have some of the lowest property tax rates in the country, although Californians were still hit by the cap because they pay high local and state income taxes.

Trump paid just $ 750 in federal income taxes each year in 2016 and 2017, the Times investigation found. He has paid no federal income tax in 10 of the previous 15 years, the Times reported.

In contrast, the Bidens paid a total of nearly $ 283,600 in federal income tax for 2016 and 2017.


Leave A Reply

Your email address will not be published.