President Joe Biden and First Lady Jill Biden disclosed their 2023 tax returns, revealing a 7% increase in income to $619,976, with a federal tax payment of 23.7%. This transparency coincides with Biden’s reelection aspirations.
At the same time, Former President Donald Trump, amid ongoing legal battles, refrained from publicizing his tax returns, citing an IRS audit. Biden’s opponent, Trump, lauded tax cuts during his tenure, warning against potential tax hikes under Biden.
Biden’s Tax Transparency: Upholding Presidential Tradition
The Bidens’ income primarily stems from their respective roles as President and a Northern Virginia Community College teacher.
Biden earned $400,000, while Jill Biden garnered $85,985 from teaching English. Supplementary income originates from investments, pensions, and book royalties.
Biden plans to address tax policy in Scranton, Pennsylvania, advocating for higher taxes on the affluent. This speech holds significance as Pennsylvania emerges as a pivotal battleground for the upcoming election.
The Bidens’ charitable contributions totaled $20,477, with recipients including religious institutions and public health organizations like the Epilepsy Foundation.
Vice President Kamala Harris and her husband, Douglas Emhoff, also disclosed their tax returns, reporting an income of $450,380, federal taxes amounting to $88,570, and charitable donations of $23,026.
As the election approaches, such disclosures provide insight into the candidates’ financial integrity and philanthropic endeavors.
