Joe Biden Releases Tax Records

RCP: Joe and Jill Biden earned $319,853 in 2007. Joe Biden reported $161,708 in income from the U.S. Senate and another $71,000 in royalties for his book, "Promises to Keep."

Jill Biden earned $66,546 at her job at Delaware Technical and Community College, where she teaches English.

The couple paid $42,516 in federal taxes and another $10,912 in Delaware state taxes in 2007.

The tax return shows that the Bidens paid the alternative minimum tax that the senator has argued should be changed "so millions of middle-income Americans are not hurt by a tax intended to make sure the wealthiest pay their share." Biden and his wife claimed an income of $280,146 last year under that provision, and paid $66,273 in income taxes.

The alternative minimum tax was established in 1969 in essence to limit the deductions that the richest Americans could take, ensuring that they would pay at least some tax. But because it was never adjusted for inflation, more and more taxpayers are getting swept in. more