WASHINGTON – President Joe Biden and First Lady Jill Biden have released a joint tax return, reporting they earned about $620,000 in 2023, the third consecutive year of Biden’s presidency and the 26th time in his political career. did.
The couple’s tax returns, released Monday night by the White House, show they paid just over $181,000 in state and federal taxes, giving them an effective federal income tax rate of nearly 24%.
Federal gross income in 2023 was nearly 7% higher than the $580,000 reported in 2022, primarily as a result of higher taxable interest income this year due to higher interest rates.
Most of their income comes from the $400,000 salary Joe Biden earned as president and the $85,985 salary Jill Biden earned from Northern Virginia Community College, where she is an English professor. Ta. The president’s salary is set by Congress and has remained constant since 2001.
Last year’s jump in income was largely due to $129,876 in taxable interest, pensions, annuities, IRA distributions and Social Security benefits the couple claimed, a significant increase from the $92,087 they reported last year.
Jill Biden also earned $4,115 in royalties from her book, but the president reported no royalties.
As Joe Biden releases this year’s tax returns, he once again sought to contrast himself with former President Donald Trump, who resisted releasing his returns throughout his presidency.
Trump’s return was announced by the House Ways and Means Committee in late 2022 after a lengthy legal battle. He paid a total of $1.1 million in federal income taxes during the first three years of his presidency, but was found to have paid no taxes in 2020.
The New York Times obtained Trump’s tax documents in 2020, showing that he paid just $750 in federal income taxes in the year he was elected president and in his first year in office. It was also revealed that Trump had not paid his income taxes in 10 years due to tax deductions and large business losses he had filed.
“President Biden believes that all occupants of the Oval Office should be open and honest with the American people and that the long-standing tradition of releasing the president’s tax returns annually will continue,” the White House said in a statement. I believe it should continue.”
The Bidens reported donating $20,477 to 17 charities in 2023, including a church in Wilmington, Delaware, which Joe Biden regularly attends, and the National Fraternal Order of Police Foundation.
He also reported a $5,000 annual donation to the Beau Biden Foundation, named in honor of Joe Biden’s son, who died of brain cancer in 2015.
Vice President Kamala Harris and her husband Doug Emhoff also announced their return in 2023. It said he paid $88,570 in federal income taxes on a total income of $450,299, for an effective federal income tax rate of 19.7%, about the same as last year’s report.
They paid $26,766 in additional income taxes to California and the District of Columbia and donated $23,026 to charity.
