On Tuesday, President Joe Biden and First Lady Jill Biden made public their joint federal income tax return for the year 2022. The form revealed that the Bidens had a combined gross income of $579,514, which was lower than their combined gross income in their first year in the White House.
The Bidens reported a total income of $610,702 in the year 2021. The projected reduction of around $31,000 in the federally adjusted gross income for the couple in 2022 is shown.
In 2018, the couple’s combined taxable income was $137,658, which corresponds to a tax rate of 23.8 percent; this number will increase to 25 percent in 2021. Additionally, they were required to pay an income tax of $29,023 to the state of Delaware and $3,139 to the state of Virginia on Jill Biden’s earnings as a professor at Northern Virginia Community College.
As president, Joe Biden receives a salary of $400,000 a year, in addition to an expense allowance of $50,000, the amount of which is set by Congress.
In 2022, the Bidens were reported to have contributed a total of $20,180 to 20 different charitable organisations, with the Beau Biden Foundation receiving their greatest gift of $5,000.
In addition, the pair made donations to a number of charitable organisations, including the National Fraternal Order of Police Foundation, the Tragedy Assistance Programme for Survivors, and St. Joseph on the Brandywine, which is located in Delaware and serves as their home church.
The White House issued a statement saying that with the release of his tax returns for this year, President Joe Biden had made it known that he has shared all 25 years of his tax returns, making it the “most tax returns of any president while in office.”
In their tax forms for the year 2022, Vice President Kamala Harris and her husband Doug Emhoff recorded a federal adjusted gross income of $456,918, which is much less than the $1.7 million they declared in their tax files for the year 2021. The couple’s combined taxable income was $93,570, which corresponds to a tax rate of 20.5 percent.
They furthermore paid a total of $17,612 in income taxes to the state of California, while Emhoff paid a total of $9,697 in income taxes to the District of Columbia. They gave a donation of $23,000 to a charitable organisation in 2022.
Every president elected since Richard Nixon has made public their tax returns, with the exception of the last president, Donald Trump, who fought for years to keep his finances secret from the general public and refused to disclose his returns.
The personal and corporate tax returns of Donald Trump for the previous six years were made public towards the close of the year that just passed when the House Ways and Means Committee, which was under Democratic leadership at the time, managed to get their hands on them.