The Bidens made $607,000 last year, their tax returns show. That's $300,000 less than 2019, in part because they gave up speaking engagements during the election.

• President Joe Biden and First Lady Jill Biden earned $607,336 in 2020, down by more than a third from 2019, new tax returns show.
• Vice President Kamala Harris and husband Doug Emhoff also earned significantly less in 2020, as Emhoff left his law firm.
• Both Biden and Harris would pay more taxes under Biden's proposals to expand social security.

President Joe Biden and first lady Jill Biden's collective income fell by more than $300,000 in 2020, their newly released tax return shows.

The couple earned $607,336 in 2020, and paid $157,414 in federal income tax, a rate of 25.9%, according to their joint return released on Monday.

The Bidens' income dropped significantly from 2019, when they earned $944,737 in taxable income, and paid $299,346 in federal income tax, a rate of 31%, according to tax returns released last September.

Last year, the president stopped taking on paid speaking engagements during his presidential campaign, which explains the substantial drop, according to CNBC.

Vice President Kamala Harris and her husband, Doug Emhoff, also shared their joint tax return. They earned $1,695,225 in federally adjusted gross income in 2020, and paid $621,893 in federal income tax, a rate of 36.7%.

Most of the couple's income came from Emhoff's work as a partner at law firm DLA Piper, according to Bloomberg.

This was significantly less than the $3,018,127 they earned in taxable income in 2019, and the $1,185,628 paid in taxes, due mostly to Emhoff stepping back from his law firm, according to Bloomberg.

In August last year, Emhoff took a leave of absence from the company following Harris' nomination to vice president, and left the firm after the election in November.

Biden is proposing to increase taxes on the wealthy to pay for his American Families Plan, which includes expanding free preschool and college education. Both Biden and Harris would pay more taxes under the plan if their incomes stayed the same, according to CNBC.

In a press release, The White House said the release of Biden and Harris' returns continued "an almost uninterrupted tradition," in a jab at former President Donald Trump, who refused to share his tax filings during his four years in office.