President Joe Biden and his wife Jill recently released their tax returns for the year 2023. The data shows that their income increased by 7% to $619,976, and they paid 23.7% of their income in federal taxes. This release comes as President Biden seeks re-election in 2024, and it follows the tradition of presidents making their tax returns public. In contrast, former President Donald Trump broke with this tradition during his time in office.
Trump’s Stance on Tax Return Release
While in office, Donald Trump cited an ongoing audit by the Internal Revenue Service as the reason for not releasing his tax returns. However, the IRS stated that there was no issue preventing him from doing so. A U.S. House of Representatives committee eventually released redacted versions of Trump’s tax returns for the years 2015 through 2020. Trump’s refusal to release his tax returns has been a point of contention and scrutiny throughout his presidency and beyond.
President Biden and his wife earned the majority of their income from their respective jobs – Biden as President and Jill as a teacher at Northern Virginia Community College. In addition to their salaries, they also received income from investments, pensions, and book royalties. The increase in their income from 2022 was primarily due to interest earned on one of their bank accounts. Despite the increase in income, the proportion of their income paid in federal taxes remained consistent with the previous year.
Charitable Contributions and Transparency
In a statement released by the White House, President Biden emphasized the importance of transparency and openness. He believes that all occupants of the Oval Office should be honest with the American people and continue the tradition of annually releasing presidential tax returns. The Bidens’ tax return also indicated that they donated $20,477 to various charities, representing 3.3% of their income. The beneficiaries of their charitable contributions included churches, public health groups, and the Fraternal Order of Police.
The release of President Biden’s tax returns comes at a crucial time as he prepares to deliver a speech on tax policy from his birthplace in Scranton, Pennsylvania. This speech is expected to include a call for higher tax rates on the wealthy, which could have significant implications for the upcoming 2024 election. Pennsylvania is expected to be a closely contested state, and Biden’s stance on tax policy could sway voters in either direction.
The release of President Biden’s tax returns sheds light on his income sources, tax contributions, and charitable donations. It also highlights the contrast between his administration’s transparency and the lack thereof in the previous administration. As the 2024 election approaches, tax policy is likely to be a central issue, and President Biden’s stance on this issue will play a crucial role in shaping the political landscape.
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