U.S. President Joe Biden and First Lady Jill Biden walk to Marine One from the South Lawn of the White House in Washington, U.S., on their way to Virginia on January 23, 2024.
Leah Millis | Reuters
President Joe Biden On Monday, he and his wife, Jill, released their tax returns showing their income rose 7% to $619,976 in 2023, with the couple paying 23.7% of their income in federal taxes.
Biden releases data on last year’s U.S. tax due date, while Democrats Seeking re-election in 2024.
Donald TrumpHis Republican opponents broke with the president’s tradition of releasing federal tax returns, saying he was unable to do so while under audit by the Internal Revenue Service, even though the agency claimed he was free to release them.
Released by Democratic-controlled U.S. House of Representatives committee in 2022 Trump’s amended tax returns from 2015 to 2020, over the objections of the former president.
Trump goes on trial in New York court on Monday historic criminal trialis one of several legal issues involving the former president’s personal finances.
“President Biden believes that all occupants of the Oval Office should be open and honest with the American people and that the longstanding tradition of releasing the president’s tax returns each year should continue,” the White House said in a statement.
The Trump campaign did not immediately respond to a request for comment.
Trump posted on social media on Monday that American families benefited from the tax cuts passed during his term in office. He said people would face “huge” tax increases if Biden “gets his way.” He did not provide information about his 2023 tax return.
Biden and his wife earn four-fifths of their income respectively from serving as president of the United States and as teachers at Northern Virginia Community College. Joe Biden’s salary is $400,000, while Jill Biden makes $85,985 teaching English at Northern Virginia Community College.
Additional income comes from interest on investments, pensions and a corporate entity that collects royalties from the couple’s books. Most of the increase in income relative to 2022 came from interest paid on one of the couple’s bank accounts, according to the tax return.
Joe Biden is spending about the same proportion of his income on federal taxes as the year before.
Biden plans to deliver a speech on tax policy in his birthplace of Scranton, Pennsylvania, on Tuesday, which is expected to include a call for the wealthy to pay higher tax rates. Pennsylvania is expected to be one of the most competitive states in the 2024 election in November.
The president’s return also showed that Biden donated $20,477, or about 3.3% of his income, to charity, with beneficiaries including several churches and public health organizations such as the Epilepsy Foundation and the Fraternal Order of Police.
Biden’s running mate, Vice President Kamala Harris, and her husband, Douglas Emhoff, also released a tax return showing 2023 income of $450,380, federal taxes of $88,570, and charitable contributions of $23,026 Dollar.
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