Forbes - Billionaires

5 Things We Learned From Vice President Kamala Harris’ New Tax Returns And Financial Disclosure

Vice President Kamala Harris and Second Gentleman Doug Emhoff earned $1.9 million in 2020, according to tax filings released Monday.

The bulk of that income, about $1.4 million, came from Emhoff’s legal work, according to the filings. Harris earned nearly $300,000 from writing and about $150,000 as a senator.

Their total income dropped by more than 40% from 2019, when they earned $3.3 million

Harris also filed a financial disclosure report with the Office of Government Ethics, outlining assets and liabilities she shares with her Emhoff.

Here are five other takeaways from their tax filings and financial disclosure form.


1.

Harris and Emhoff don’t own any individual stocks, according to their new financial disclosure. Years earlier, before Harris was elected to the Senate in 2016, Emhoff ditched a number of conflict-prone stocks in companies like CVS Health, Visa and Oracle. Emhoff does own small stakes listed between $1,000 and $15,000, in some sector-specific funds tracking the healthcare, biotech and cloud computing industries.


2.

In 2020, the Second Couple paid $621,893 in federal tax, about the same amount that President Biden and his wife reported in total earnings last year. 



3.

Harris and Emhoff hold two mortgages with Wells Fargo, each worth between $1 million and $5 million. One is for the Washington D.C. condo that Harris listed for nearly $2 million last month. The other is attached to the house Harris and Emhoff share in Los Angeles.


4.

In addition to the mortgages, Harris and Emhoff carry some other debt. The Secon Gentleman holds a Wells Fargo commercial loanr, worth between $500,000 and $1 million, and a promissory note for law firm DLA Piper, worth $100,000 to $250,000. Harris also reported a Wells Fargo line of credit worth $100,000 to $250,000.


5.

Harris and Emhoff gave $27,000 to charity last year, according to their tax filings, including $5,000 to Harris’ alma mater Howard University, and $5,000 to the University of Southern California, where Emhoff got his law degree.


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