US President Joe Biden and his wife, Jill recently shared their tax returns for the year 2023 revealing a 7% increase, in their income to $619,976. They disclosed that they paid 23.7% of their earnings in taxes.
The tax disclosures were made on the deadline day for filing US taxes for the year as President Biden gears up for his re election campaign in 2024.
In contrast former President Donald Trump chose not to follow the tradition of publicizing his tax returns while citing an audit by the IRS as the reason. However a House committee led by Democrats released versions of Trumps tax returns from 2015 to 2020 against his objections.
On the day Trump was present at a criminal trial in New York related to various legal issues involving his personal finances.
The White House emphasized President Bidens commitment to transparency by continuing the practice of releasing tax returns. In response to inquiries, about these disclosures Trumps campaign remained silent.
On Monday Trump took to media to highlight the benefits American families received from tax cuts passed during his presidency. He expressed concern that if Bidens tax plans come into effect people could face tax hikes. Interestingly Trump did not disclose any details, about his 2023 tax filings.
In terms of income sources Biden and his wife mainly earned money from their roles as the US president and a teacher at Northern Virginia Community College. Joe Biden earned $400,000 in wages while Jill Biden made $85,985 teaching English at the college.
Apart from their salaries the Bidens also received income from sources such as investments, pensions and a business entity handling their book royalties. The majority of the increase in income compared to 2022 came from interest earned on one of their bank accounts as per their tax return.
The portion of Joe Bidens income allocated towards taxes was similar to that of the year.
Looking ahead Biden is set to speak about his tax policies in his hometown of Scranton, Pennsylvania on Tuesday. Reports suggest he will advocate for taxes on the wealthy. Pennsylvania is anticipated to be a battleground state, in the 2024 elections this November.
The presidents recent comeback highlighted Bidens donation of $20,477 which accounts for 3.3% of their earnings. The recipients of the donation include churches and organizations such, as the Epilepsy Foundation and the Fraternal Order of Police.
Additionally Vice President Kamala Harris and her husband, Douglas Emhoff disclosed a tax return, for 2023 showing an income of $450,380. They paid $88,570 in taxes. Made charitable contributions totaling $23,026.
