Topline
President Joe Biden and First Lady Jill Biden brought in $619,976 in combined adjusted gross income last year, according to tax returns released by the White House on Monday, a 7% increase from the nearly $580,000 reported by Biden and his wife in 2022.
Key Facts
The Bidens paid $146,629 in federal taxes last year, leaving them with a federal income tax rate of 23.7%.
Most of the Bidens’ income came from their salaries, with $400,000 paid to the president and nearly $86,000 from the first lady’s work as a professor at Northern Virginia Community College.
The Bidens also reported income from pensions and annuities ($34,940) and Social Security benefits ($54,616).
Last year, the Bidens donated $20,477 to 17 different charities, including $1,000 to the Fraternal Order of Police and $5,000 for the Beau Biden Foundation, an organization advocating against child abuse named after the president’s late son.
Tangent
Vice President Kamala Harris and second gentleman Doug Emhoff earned $450,299 last year and paid $88,570 in federal income tax, according to their tax returns.
Key Background
The Bidens have released 26 years of tax returns, according to CNN. Biden has used the publication of his tax history to contrast himself from former President Donald Trump, who refused to release his tax returns during his four years in office. The House Ways and Means Committee released six years of former President Donald Trump’s tax returns in 2022, showing Trump paid $1.1 million in taxes during his presidency and $0 in 2020. Trump’s adjusted gross income was negative $4.8 million in 2020. Biden’s tax stance has focused on taxing wealthy Americans and high-earning corporations.
Surprising Fact
The president’s tax plan, which has not been enacted by Congress, seeks to raise the corporate tax rate to 28% and require billionaires to pay at least 25% of their income in taxes. The tax plan would not hike taxes for those earning less than $400,000 a year.
Further Reading
House Releases Trump’s Tax Returns—Here’s What We Know (Forbes)
Biden Lays Out An Ambitious, But Familiar, 2024 Campaign Tax Agenda (Forbes)