President Joe and First Lady Jill Biden’s tax returns for last year show that they earned a combined adjusted gross income of $619,976, which is a 7% increase from the previous year. The Bidens paid $146,629 in federal taxes, resulting in a federal income tax rate of 23.7%. Their income mostly came from their salaries, with President Biden earning $400,000 and First Lady Jill Biden earning nearly $86,000 from her work as a professor at Northern Virginia Community College. They also reported income from pensions, annuities, and Social Security benefits.
In addition to their taxes, the Bidens also donated $20,477 to 17 different charities, including $1,000 to the Fraternal Order of Police and $5,000 to the Beau Biden Foundation, an organization working to combat child abuse named after the president’s late son. Vice President Kamala Harris and second gentleman Doug Emhoff also released their tax returns, showing they earned $450,299 and paid $88,570 in federal income tax.
President Biden has released 26 years of tax returns, using his tax history to distinguish himself from former President Donald Trump, who did not release his tax returns during his time in office. The House Ways and Means Committee released six years of Trump’s tax returns in 2022, revealing that 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 policy focuses on taxing the wealthy and high-earning corporations.
President Biden’s proposed tax plan, which has not yet been enacted by Congress, aims to increase the corporate tax rate to 28% and require billionaires to pay at least 25% of their income in taxes. The plan would not raise taxes for those earning less than $400,000 a year. This tax plan reflects Biden’s goal of increasing taxes on the wealthy while providing relief to lower and middle-income individuals and families. Overall, the release of Biden’s tax returns provides transparency into the financial affairs of the President and First Lady.
