President Biden and First Lady Release 2023 Tax Returns, Income Rises to $619,976

On Monday, April 15, President Joe Biden and his wife Jill released their tax returns for the year 2023, revealing a 7% increase in their income, totaling $619,976. This release comes as President Biden seeks re-election in 2024, providing a glimpse into the financial status of the first family.

The majority of the couple's income, approximately four-fifths, was derived from their respective occupations. President Biden earned a $400,000 wage, while Jill Biden received $85,985 from her role as an English teacher at Northern Virginia Community College. Additionally, they accrued supplementary income from various sources such as interest on investments, pensions, and book royalties through a corporate entity.

Taxation and Charitable Contributions

President Biden and the First Lady paid 23.7% of their income in federal taxes, a proportion similar to the previous year. Furthermore, they allocated $20,477, approximately 3.3% of their income, to charitable donations. Beneficiaries of their philanthropy included churches and public health organizations like the Epilepsy Foundation and the Fraternal Order of Police.

The increase in the Biden's income relative to 2022 was primarily attributed to interest accrued from their bank accounts. President Biden's commitment to transparency and tradition was exemplified by the annual release of their tax returns, reinforcing his belief that all occupants of the Oval Office should be open and honest with the American people. This release also foreshadows Biden's upcoming speech on tax policy, scheduled to take place in his birthplace, Scranton, Pennsylvania, where he is expected to advocate for higher tax rates for the wealthy.

Comparison to Trump's Tax Disclosure and Response

This move contrasts with President Donald Trump's departure from the tradition of making federal tax returns public, citing an ongoing audit by the Internal Revenue Service as the reason. Although Trump's federal tax returns for 2015 to 2020 were ultimately released by a U.S. House of Representatives committee, his current stance on tax transparency remains unclear.

In addition to President Biden's tax disclosure, Vice President Kamala Harris and her husband, Douglas Emhoff, also made their tax return public. The couple reported an income of $450,380 for 2023, paid $88,570 in federal taxes, and contributed $23,026 to charitable causes.

This financial transparency provides the public with insight into the earnings, tax payments, and charitable endeavors of these prominent political figures, offering a glimpse into their financial activities as they continue to serve the nation.