President Biden and VP Harris Unveil Tax Returns: Financial Transparency in Focus

April 16, 2024April 16, 2024

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The Biden's Income Tax Return: A picture of President Joe Biden and First Lady Jill Biden

In 2023, President Joe Biden and First Lady Jill Biden unveiled their federal adjusted gross income (AGI) of $619,976, marking a notable increase from previous years. The Biden’s income tax return showcased a joint filing, with $146,629 paid in federal income tax, translating to an effective federal income tax rate of 23.7%. This data, disclosed by the White House on Monday, illuminates a pattern of fluctuating income for the first couple, as evidenced by their reported AGI of $579,514 in 2022, $610,702 in 2021, and $607,336 in 2020. Notably, this trajectory diverges from the $985,223 reported in 2019, reflecting evolving financial landscapes.

President Biden and First Lady Jill Biden also revealed their contributions to various charities, totaling $20,477. Among these, a $5,000 donation to the Beau Biden Foundation underscored their commitment to safeguarding children from abuse, while contributions to organizations like St. Joseph on the Brandywine and the Tragedy Assistance Program for Survivors (TAPS) showcased their diverse philanthropic endeavors.

Concurrently, Vice President Kamala Harris and Second Gentleman Douglas Emhoff disclosed a federal AGI of $450,299, accompanied by a federal income tax payment of $88,570. Their federal income tax rate stood at 19.7%, reflecting a distinct financial profile compared to the Bidens. Moreover, charitable contributions amounting to $23,026 further underscored Harris and Emhoff’s engagement with philanthropic causes.

The release of these tax returns elicited a statement from the White House, emphasizing President Biden’s commitment to transparency. Highlighting the disclosure of 26 years of tax returns, the administration reiterated its dedication to upholding the tradition of openness in presidential finances. The White House’s assertion that all occupants of the Oval Office should maintain transparency underscores a broader commitment to accountability and public trust.