President Joe Biden and his wife, Jill, made $579,514 last year and paid $137,658 in federal income taxes. This works out to a 23.8% tax rate, more than the average of roughly 14% for all U.S. households. The Bidens’ earnings have trended slightly downward over the past three years after averaging more than $600,000 in 2020 and 2021.
The White House released President Biden's tax returns on Tuesday, showing him and the first lady's income of $580,000 in 2022, just below their total from 2021. The release was made in an effort to bring more transparency to the White House after his predecessor Donald Trump had abandoned the tradition of sharing the president and vice president’s tax returns.
"The American people deserve transparency from their leaders," said White House Press Secretary Jen Psaki during a press briefing on Tuesday. "It is important for restoring trust between citizens and politicians."
The first couple were responsible for $169,820 in combined federal, Delaware, and Virginia income taxes last year with their effective federal income tax rate averaging at around 23.8%. In comparison with previous years' earnings that averaged above $600k annually; this recent filing shows a slight decrease.
Vice President Kamala Harris also disclosed her financial documents along with her husband Doug Emhoff who collectively earned approximately $456,918 last year while giving away nearly four percent (4%) - or about twenty thousand dollars ($20k) - towards charitable causes like Beau Biden Foundation which targets child abuse prevention efforts within local communities across America.
"Both couples demonstrated their commitment not only to public service but also towards social responsibility by contributing significantly toward philanthropic endeavors," stated Maria Johnson-Williams from Citizens for Responsibility & Ethics (CREW).
In addition to their charitable contributions, the Bidens and Vice President Kamala Harris along with her husband Doug Emhoff have been consistently transparent about their financial situation in order to maintain a strong connection with the American people.
The release of these tax returns marks a significant step towards increased transparency within government institutions as well as furthering trust between public officials and citizens alike.