NewsNational News

Actions

President Biden, first lady release their annual tax return

Most of the first family's income came from President Joe Biden's White House salary.
President Biden, first lady release their annual tax return
Posted at 7:44 AM, Apr 19, 2023

President Joe Biden and first lady Jill Biden released their 2022 tax return Tuesday night, hours before the IRS tax-filing deadline struck. 

According to the return, the couple earned $579,514 in adjusted gross income and paid $169,820 in combined federal and state income taxes Their effective federal income tax rate was 23.8%. Most of the family’s income came from President Biden’s $400,000 White House salary. Jill Biden also made $82,335 for her position at Northern Virginia Community College. 

The couple also reported $5,092 in income from S corporations CelticCapri Corp. and Giacoppa Corp. They have received income from these S corporations in the past for royalties from speaking and writing engagements. 

The Bidens reported giving over $20,000 to 20 different charities. The largest such donation was to the Beau Biden Foundation for $5,000. 

SEE MORE: How the IRS put Inflation Reduction Act funding to use this year

President Biden stands in contrast to his predecessor Donald Trump, who opted not to voluntarily release his taxes. Details of his taxes, however, came to light in late 2022 when the returns were released by the House Ways and Means Committee. 

“With this release, President Biden has shared a total of 25 years of tax returns with the American public,” the White House said in a release. “Once again demonstrating his commitment to being transparent with the American people about the finances of the Commander-in-Chief, President Biden has released the most tax returns of any president while in office.”

The White House also released Vice President Kamala Harris and second gentleman Doug Emhoff’s returns. They reported a combined income of $456,918 and paid $93,570 in federal taxes. The couple also reported making $23,000 in charitable contributions in 2022.