Biden Tax Returns 2023: President Earned $620K and Paid $146K in Taxes

Biden Tax Returns 2023

Biden and his wife released tax returns, earning nearly $620,000 in 2023, slightly higher than the previous two years.

April 15th was the tax return deadline for Americans to file their taxes. U.S. President Joe Biden and First Lady Jill Biden released their 2023 tax returns on Monday, continuing a tradition of transparency.

The annual, unwritten ritual is designed to build trust in the White House. Other politicians and candidates often do the same. However, the tradition was temporarily discontinued under former President Donald Trump.

In 2023, the Bidens will earn $619,976, most of which comes from the president’s annual salary of $400,000 and Jill Biden’s $85,985 salary from teaching at a university in nearby Virginia.

This figure is an increase from the Bidens’ income of $579,514 in 2022 and $610,702 in 2021.

Trump has previously chosen not to follow bipartisan tradition when he was in office, refusing to allow the public to view his tax return records, either as a candidate or after taking office. This is a document that details all sources, amounts of income, and other financial records.

After a legal battle waged by Democrats in Congress, Trump’s tax returns from previous years were finally made public, showing that he paid almost no income taxes in several years because of his business losses. Now, to return to the White House and invest in the 2024 presidential election, he still chooses to keep his tax returns secret.

The Bidens paid $146,629 in federal taxes when they filed their taxes this year, with an effective tax rate of 23.7%. Joe Biden paid $30,908 in Delaware state income taxes, while Jill Biden paid $3,549 in Virginia state income taxes.

The White House said in a statement: “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 each year should continue.” The statement said that this year is already Biden’s. He has publicly shared his tax returns for the 26th year, the most by any sitting president.

The Bidens’ tax returns also show donations of $20,477 to 17 different charities. The charitable contributions include a $5,000 donation to the Beau Biden Foundation, a public charity dedicated to ensuring that all children are protected from the threat of abuse.

The tax returns of U.S. Vice President Kamala Harris and her husband Doug Emhoff were also released, showing income of $450,299 and charitable donations of $23,026 last year.

They paid $88,570 in federal income taxes, in addition to $15,167 in California income taxes and $11,599 in District of Columbia income taxes.