The Biden couple released their tax return to the public, showing $579,514 in income. Here’s everything you need to know.
Biden tax return: All you need to know
President Biden restored the unwritten custom of demonstrating transparency at the White House. The most notable exception to the rule is his predecessor Trump who kept refusing to release his tax report and annual income. The US President and first lady’s joint tax return revealed a gross income of almost $580,000 in 2022. This was $30,000 less than the 2021 filing. Most of the income came from the congress-set standard presidential salary of $400,000.
Jill Biden is the first presidential spouse to continue a paid job and work outside the White House. She teaches at the Northern Virginia Community College and earned $82,335 last year. The couple paid the federal tax rate of 23.8 percent. This is down from 24.6 percent in 2021. Hence resulting in $137,658 as federal income tax. Additionally, they paid income tax worth $29,023 in Delaware, their home state. The first lady paid $3,139 in Virginia. They donated over $20,000 to charities with the biggest contribution being $5,000 to the Beau Biden Foundation.
President’s Finances: Past and the Present
The White House revealed Biden has made 25 years of his tax returns public. He is “once again demonstrating his commitment to being transparent with the American people about the finances of the commander-in-chief,” read the statement. The current White House’s tax transparency is a huge change from the Trump administration. The businessman refused to share his tax returns both as a candidate and while in office. Following a legal battle, when several years of his return became public it was revealed that Trump was paying almost no money in taxes due to loss in business.