Senator Elizabeth Warren received a $250,000 advance last year for her latest book, boosting the income she and her husband, Bruce Mann, earned last year to nearly $900,000, according to financial disclosure documents she released Friday.
The couple also saw their net worth rise in 2020 along with the stock market. The value of their investments — mostly stock and bond mutual funds — reported on her annual Senate financial disclosure form increased to somewhere between about $5.4 million and $15 million. The form only requires assets to be reported in ranges. The range on Warren’s form last year was between about $4.8 million and $11 million.
They also released their 2020 tax returns, which Warren has done every year since she entered public service in late 2008. The return, which is posted on Warren’s website, showed the couple reported $882,322 in total income last year, up from $745,077 in 2019.
In addition to the book advance for “Persist,” which was released this month, their main sources of income were Warren’s $164,040 Senate salary and Mann’s $395,303 salary as a Harvard University professor. Warren also reported $28,210 in royalties from previous books on her financial disclosure form.
Their income puts them in the top 1 percent of households. Warren has proposed a wealth tax for households with a net worth of at least $50 million, which she said is roughly the top 0.1 percent of households.
Warren and Mann reported a total federal tax of $236,402 last year on $830,585 in adjusted gross income, giving them a tax rate of 28.4 percent. That was up about two percentage points from 2019 and above the average tax rate for their income bracket, which was 25.4 percent in 2018, the latest data available, according to the nonpartisan Tax Foundation.
Most of their taxes were withheld and the couple ended up owing $45,390 on their federal return. They reported giving $43,362 to charity in 2020, about 5 percent of their total income.