Elizabeth Warren’s income jumped to $1.36 million last year after book advance
WASHINGTON—Senator Elizabeth Warren and her husband reported about $1.36 million in total income in 2021, a higher amount than in recent years due to a six-figure advance the senator received for her books “Pinkie Promises” and “Persist.”
The senator, who already made $250,0000 in an advance from Macmillan Publishers for the books in 2020, was paid $730,000 in another installation last year, according to financial disclosure documents she released on Friday.
In 2020, the couple reported $882,322 in total income, up from $745,077 in 2019.
The worth of the couple’s investments, which were mostly in index funds and mutual funds, fell somewhere between about $4 million and $9 million, according to Warren’s annual Senate financial disclosure form, which requires assets to be reported in ranges. (The true upper range could be higher than $9 million, depending on the upper limit of two accounts that are owned independently by Warren’s husband, Bruce Mann.)
That’s a smaller range than Warren and Mann reported in 2020, when their investments totaled between $5.4 million and $15 million.
The senator introduced a bill with Montana Republican Senator Steve Daines to bar lawmakers and their spouses from trading individual stocks and bonds to prevent conflicts of interest and insider trading. She and Mann do not trade individual stocks in companies, according to her disclosure.
Warren drew a $173,334 salary from the Senate last year, while Mann received a $393,669 salary from Harvard University, where he is a professor.
Their income puts them in the top 1 percent of US households, but not within the top .05 percent of households the senator has proposed taxing with an “Ultra-Millionaire” tax to raise revenue for childcare, infrastructure and other priorities.
Warren and Mann reported around $405,000 in total federal taxes on $1,293 million in adjusted gross income, putting their tax rate at 31 percent. That was an increase of about 3 percentage points from the 28.4 percent rate they owed in 2020. The average tax rate for households in their income range was 25.6 percent in 2019, according to the non-partisan Tax Foundation.
She and her husband gave $77,027 to charity last year, according to the tax return, which Warren has released every year since entering public service in 2008. That’s about 5 percent of the couple’s total income.
—Globe correspondent Pranav Baskar contributed to this report.
Liz Goodwin can be reached at firstname.lastname@example.org. Follow her on Twitter @lizcgoodwin.