President Joe Biden and his wife, First Lady Jill Biden, have reported a federal adjusted gross income of $619,976 for their joint 2023 income tax returns, the White House has said.
According to the April 15 press release from the White House, the Bidens paid a combined total of $146,629 in federal income tax, and their 2023 effective federal income tax rate was 23.7 percent.
“President Biden believes that all occupants of the Oval Office should be open and honest with the American people and that the longstanding tradition of annually releasing presidential tax returns should continue unbroken,” the White House said.
The couple released their Delaware income tax return and reported paying $30,908 in Delaware income tax. Jill Biden also released her Virginia income tax return and reported paying $3,549 in Virginia income tax in the 2023 financial period.
The Bidens have reported contributions of $20,477 to 17 different charities in 2023, including the Beau Biden Foundation, Tragedy Assistance Program for Survivors (TAPS), St. Joseph on the Brandywine, and the National Fraternal Order of Police Foundation, among others.
The White House also claims President Biden has now shared a total of 26 years of tax returns with the public, which it says is the most tax returns of any commander in chief while still serving in office.
According to recent tax documents, the president’s salary was $400,000 this year, which makes up the majority of the couple’s income. He was also granted an expense allowance of $50,000, which Congress determined.
The rest of their income came from the first lady. Jill Biden currently teaches at Northern Virginia Community College and is the first presidential spouse to hold a paid job outside of the White House while her husband is still in office. She is also an author.
Bidens Earned More Than Last Year Records Show
Last year, President Biden and the first lady earned a combined income of nearly $580,000. In 2022, the couple also filed their income tax return jointly and reported a federal adjusted gross income of $579,514. In 2021, the couple reported larger combined earnings of $610,702.
According to the 2022 return, the couple paid $169,820 in combined federal and state income taxes in Delaware and Virginia, and their 2022 effective federal income tax rate was 23.8 percent compared to 25 percent in 2021. Specifically, they paid $137,658 in federal income tax and $29,023 in Delaware income tax. The first lady paid $3,139 in Virginia income tax due to her job in the commonwealth.
Releasing annual income and tax returns to the public is common practice among U.S. presidents, however, former President Donald Trump declined to do so while in office, arguing at the time an ongoing audit prevented him from doing so.
In December 2022, the House Ways and Means Committee finally released six years of former President Trump and former First Lady Melania’s joint tax returns to the public. In 2015, 2016, and 2017, the couple reported an income tax liability of $750. In 2018, they paid nearly $1 million in taxes. While in 2019, the Trumps paid $133,445 in tax. In 2020, the Trumps reported a loss of $4.8 million and paid $0 in federal taxes.
From The Epoch Times
