U.S. President Joe Biden and his wife Jill released their tax returns for 2023, showing an income of $619,976, a 7% increase from the previous year. They paid 23.7% of their income in federal taxes, following the tradition of presidents making their tax returns public. This release comes as Biden seeks re-election in 2024 and contrasts with former President Donald Trump’s refusal to release his tax returns while saying he was being audited by the IRS.
Trump’s tax returns from 2015 to 2020 were released by a House committee in 2022, against his objections. He was in a New York courtroom on Monday for a criminal trial related to his personal finances, among other legal matters. Biden’s belief in transparency led to the release of his tax returns, which showed that he and his wife earned most of their income from their jobs, with additional income from interest, pensions, and book royalties.
Biden’s income included a $400,000 wage as president and $85,985 earned by Jill Biden as a teacher at Northern Virginia Community College. The increase in income from the previous year was mainly due to interest paid on one of their bank accounts. Biden plans to deliver a speech on tax policy from his birthplace in Scranton, Pennsylvania, with a focus on calling for higher tax rates for the wealthy. Pennsylvania is expected to be a crucial state in the upcoming 2024 election.
Biden and his wife donated $20,477 to charity, representing 3.3% of their income, with beneficiaries including churches and public health organizations. Vice President Kamala Harris and her husband also released their tax return, showing an income of $450,380, federal taxes of $88,570, and charitable donations of $23,026. Trump, in a social media post, highlighted tax cuts passed during his presidency and warned of potential tax increases under Biden, without providing any information about his 2023 tax filing.
The contrast in approaches to tax transparency between Biden and Trump is evident in the release of their tax returns. Biden’s decision to disclose his taxes aligns with his belief in the importance of honesty and openness with the American people. The tax returns reveal the sources of income for the Bidens, their charitable giving, and their tax obligations. As the campaign for the 2024 election intensifies, tax policy and transparency will likely continue to be important issues for voters.
