President Joe Biden and First Lady Jill Biden reported an income of $619,976 in 2023, up from nearly $580,000 in 2022. The couple paid $146,629 in federal taxes, resulting in a federal income tax rate of 23.7%. Most of their income came from their salaries, with President Biden earning $400,000 and the first lady earning nearly $86,000 as a professor at Northern Virginia Community College. They also reported income from pensions, annuities, and Social Security benefits. Additionally, the Bidens donated $20,477 to 17 different charities last year, including contributions to the Fraternal Order of Police and the Beau Biden Foundation, named after the president’s late son.
Vice President Kamala Harris and second gentleman Doug Emhoff reported earning $450,299 in 2023 and paid $88,570 in federal income tax. This information was released as part of the Bidens’ transparency in releasing 26 years of tax returns. President Biden has used the publication of his tax history to differentiate himself from former President Donald Trump, who did not release his tax returns during his time in office. The House Ways and Means Committee revealed six years of Trump’s tax returns in 2022, showing that he paid $1.1 million in taxes during his presidency and $0 in 2020, with a negative adjusted gross income of $4.8 million in 2020. Biden’s tax stance emphasizes taxing wealthy Americans and high-earning corporations.
President Biden’s proposed tax plan, which has not been enacted by Congress, aims to raise the corporate tax rate to 28% and require billionaires to pay at least 25% of their income in taxes. The plan does not raise taxes for individuals earning less than $400,000 a year. This focus on taxing the wealthy and corporations aligns with Biden’s campaign promises and efforts to address income inequality and fund social programs. The release of the Bidens’ tax returns provides transparency and contributes to the ongoing discussion around tax policy and economic fairness in the United States.
The disclosure of the Bidens’ tax information highlights their commitment to transparency and openness in government. By releasing their tax returns, the Bidens set an example for public officials to be accountable and transparent with their finances. Comparing their tax returns to those of former President Trump underscores the contrast in approach to financial disclosure between the two administrations. The information also sheds light on the sources of income and charitable contributions made by the Bidens, giving insight into their financial priorities and values.
In addition to their earnings and tax payments, the Bidens’ tax returns reveal their charitable giving and support for various causes. By donating to organizations like the Beau Biden Foundation and the Fraternal Order of Police, the Bidens demonstrate their commitment to addressing issues such as child abuse prevention and law enforcement support. Their contributions to multiple charities reflect their desire to give back to their community and make a positive impact beyond their official roles. Overall, the release of the Bidens’ tax returns provides transparency into their financial affairs and reinforces their commitment to ethical and responsible governance.
