On Monday, U.S. President Joe Biden and his wife Jill Biden released their 2023 tax returns, revealing a 7% increase in their income to $619,976.
The couple paid a federal tax rate of 23.7%.
The release coincided with the deadline for filing taxes, highlighting a practice of transparency as Biden gears up for his 2024 re-election campaign.
This move stands in contrast to former President Donald Trump, who has refrained from disclosing his tax returns, citing ongoing audits by the Internal Revenue Service—despite the agency stating that he could release them.
In 2022, a Democratic-controlled U.S. House of Representatives committee published Trump’s redacted tax returns from 2015 to 2020, despite his objections.
Trump’s reluctance to share his financial details follows him to a historic criminal trial in New York, one of several legal challenges he faces involving his finances.
The White House commented on the importance of transparency, stating, “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 annually releasing presidential tax returns should continue unbroken.”
While Trump did not immediately respond to a request for comment on his tax filings, he took to social media to tout the benefits of his tax policies during his presidency and warned of “colossal” tax increases under Biden, without discussing his own 2023 tax filings.
The Bidens’ primary sources of income were their salaries—Joe Biden as U.S. President earning $400,000 and Jill Biden as a teacher at Northern Virginia Community College earning $85,985.
Their additional income included interest from investments, pensions, and royalties from a corporate entity managing their book earnings.
Notably, the rise in their income mainly stemmed from increased interest earnings.
The Bidens are also preparing for a speech in Scranton, Pennsylvania, where Joe Biden is expected to advocate for higher tax rates for the wealthy.
This speech is strategically planned as Pennsylvania is predicted to be a battleground state in the upcoming election.
In terms of philanthropy, the Bidens donated $20,477, about 3.3% of their income, to various charities including several churches and organizations like the Epilepsy Foundation and the Fraternal Order of Police.
Additionally, Vice President Kamala Harris and her husband, Douglas Emhoff, also released their tax return, showing an income of $450,380 for 2023, with federal taxes of $88,570 and charitable contributions totaling $23,026.