President Joe Biden and First Lady Jill Biden’s Tax Returns Reveal Earnings Over $620,000 for 2023
(Yahoo)
On April 15, President Joe Biden and First Lady Jill Biden released their annual tax returns, showing that they earned over $620,000 in 2023. This amount represents a slight increase of just over 7% from the previous year. According to the New York Post, this income level places them just outside the top 1% of earners in the United States.
The primary source of income for the Bidens was the president’s salary of $400,000. The First Lady’s earnings as an English teacher at Northern Virginia Community College contributed approximately $86,000 to their total income. They paid 23.7% of their income in federal taxes, which was marginally lower by 0.1% compared to the previous year.
Additionally, the couple reported receiving over $35,000 in pensions, $64,000 in Social Security benefits, and more than $39,000 from interest income. The White House released a statement alongside the tax returns, subtly critiquing former President Donald Trump for not releasing his tax returns during his tenure in office, despite being under audit.
The statement emphasized President Biden’s belief in transparency, stating that he thinks all presidents should uphold the tradition of annually releasing their tax returns to maintain openness and honesty with the American public. Included in their tax documents were details of charitable contributions amounting to $20,477. This included a donation of $1,000 to the Fraternal Order of Police.
Apart from their income, the Bidens also enjoy several perks associated with their high office, such as cost-free housing, complimentary transportation, and frequent long weekends at their homes in Delaware. Amid ongoing investigations, the Democratic National Committee has taken on the financial burden of covering President Biden’s legal expenses.
These legal fees relate to the investigation led by special counsel Robert Hur into allegations that Biden mishandled classified documents during his time in the Senate and as Vice President. Additionally, there has been scrutiny from Republican circles regarding the Bidens’ financial practices in previous years. It is alleged that Joe and Jill Biden may owe up to $500,000 in back taxes.
This accusation stems from the manner in which they channeled more than $13 million earned from speaking engagements and book sales through S corporations in 2017 and 2018. Critics argue that this strategy was employed to evade paying the 3.8% Medicare tax on the majority of their income.
As the Bidens disclosed their 2023 earnings, reactions on the internet varied widely, with many users choosing to troll the couple for their financial disclosures and the slight increase in their income. These discussions highlight the ongoing debate over the transparency and financial practices of public figures, especially those holding or who have held the highest offices in the land.
