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Joe Biden releases 2019 tax returns ahead of presidential debate

Just hours before the first presidential debate, Joe Biden has released his 2019 tax returns.

WASHINGTON — Democratic presidential nominee Joe Biden and his running mate Kamala Harris released their 2019 tax returns on Tuesday, just hours before Biden faces President Donald Trump in the first presidential debate. 

The returns show that Biden and his wife, Jill, reported $944,737 in taxable income in 2019 and paid $299,346, or a 31% tax rate, in federal income taxes.

The release of Biden's tax returns comes just two days after The New York Times, citing tax records it obtained, revealed that President Trump did not pay federal income tax in 11 of 18 years, and paid just $750 each year for 2017 and 2018, as he claimed millions of dollars in business losses.

Biden and Trump are set to meet Tuesday night in Cleveland for their first presidential debate, and Trump's taxes are sure to come up.

Trump has called the reports “fake news” yet still refuses to release his returns himself. Biden already had released two decades' worth of his tax returns, in addition to the federal financial disclosures required of him when he was a senator and vice president.

Biden's running mate, California Sen. Kamala Harris, and her husband, Doug Emhoff, also released their 2019 returns Tuesday. Harris and Emhoff reported paying $1.05 million in personal income taxes and $1.19 million in total federal taxes on $3.02 million in taxable income.

The New York Times also reported that tax records show Trump is personally carrying a staggering amount of debt -- including more than $300 million in loans that will come due in the next four years. 

The Associated Press contributed to this report.

RELATED: 5 takeaways from New York Times report on President Trump's tax returns

RELATED: NY Times: Trump paid $750 in US income taxes in 2016, 2017

Credit: AP
President Donald Trump, left, speaks at a news conference on Aug. 11, 2020, in Washington and Democratic presidential candidate former Vice President Joe Biden speaks in Wilmington, Del. on Aug. 13, 2020. (AP Photo)