President Joe Biden and first lady Jill Biden have disclosed their federal income taxes for the year 2023. Their joint tax return, released on Monday, reveals that they paid a total of $146,629 in federal income taxes. This amount was based on their reported income of $619,976.
The initial pair of taxpayers had an effective federal tax rate of 23.7%.
This year, Joe Biden has continued his longstanding tradition of releasing his federal tax returns, making it the 26th consecutive year. In contrast, former President Donald Trump, the Republican presumptive nominee, has once again chosen not to disclose his tax returns, departing from the bipartisan practice followed by previous presidents.
The White House declared in a statement that President Biden, once again, showcases his dedication to transparency by releasing a greater number of tax returns than any other president during their time in office.
President Biden strongly believes in the principle of transparency and accountability when it comes to the presidency. He holds the firm belief that every occupant of the Oval Office should be open and honest with the American people. Consequently, he firmly supports the longstanding tradition of annually releasing presidential tax returns, and he is committed to upholding this practice without any interruptions.
In 2023, the Bidens’ combined income exceeded the $579,514 they had reported for the previous year.
Biden earns $400,000 as his presidential salary. He also receives additional income from his wife, Jill Biden, who earned $85,985 from her teaching position at Northern Virginia Community College. In addition to their salaries, the Bidens earned $129,876 from taxable interest, pensions and annuities, Social Security benefits, and IRA distributions. This is a significant increase from the previous year. Jill Biden also received $4,115 in royalties from her previous book publications.
The Bidens generously donated a total of $20,477 to 17 different charities, which included a significant contribution of $5,000 to the Beau Biden Foundation, an organization named after their beloved late son.
The first couple in Delaware paid $30,908 in income tax, while Jill Biden reported paying $3,549 in taxes in Virginia.
In 2023, Vice President Kamala Harris and second gentleman Doug Emhoff paid $88,570 in federal income tax, resulting in an effective federal tax rate of 19.7%. They earned a total income of $450,299 and made charitable donations amounting to $23,026.
House Democrats released six years of Trump’s tax returns from 2015 to 2020, covering the period when he was president and campaigned for the presidency in 2022. Trump himself has not voluntarily released his past tax returns.
According to a statement from Trump campaign spokeswoman Karoline Leavitt, President Trump has provided the American public with more details about his personal finances than any other candidate in history. When questioned about whether Trump plans to disclose his 2023 tax returns, Leavitt emphasized that he has been transparent in the past.
According to Leavitt, the IRS illegally leaked Trump’s previous tax returns, and his family business has been subjected to numerous investigations by Joe Biden and Democrat prosecutors.
President Biden’s tax returns for the year 2023 reveal that he earned a total of $620,000 and paid a federal income tax rate of 23.7%.
Read More:
- Democratic leader criticizes Trump’s stance on abortion: ‘Women will not be deceived’
- Major media groups encourage presidential candidates to debate.