President Joe Biden and first lady Jill Biden earned $579,514 in 2022, a modest decrease from the previous year, according to tax returns released by the White House on Tuesday.
The announcement coincides with the deadline for filing taxes with the Internal Revenue Service. In addition, the White House released tax returns revealing that Vice President Kamala Harris and Second Gentleman Doug Emhoff earned $456,918 last year, a significant decrease from 2021, when they sold a home, when they had a significantly higher income.
Last year, the president and first lady paided a total of $169,820 in federal, Delaware, and Virginia income taxes. They owed the federal government $137,658 of that amount, resulting in an effective federal income tax rate of 23.8%.
The majority of their joint income came from the president’s Congressionally-mandated $400,000 annual salary and pensions. The first couple received slightly more than $5,000 from two S Corporations, CelticCapri Corp. and Giacoppa Corp., which, according to the White House, were established to collect royalties from their writing and speaking engagements.
In comparison to a year ago, when they brought in nearly $62,000, the income from these companies decreased significantly.
The first lady’s teaching salary at Northern Virginia Community College was $82,335.
In 2022, the Bidens contributed $20,180 to 20 charities, including $5,000 to the Beau Biden Foundation. The charity, named after the late son of the president, aims to safeguard children from abuse.
In addition to St. Joseph on the Brandywine, a Catholic church in Wilmington, Delaware, the Bidens contributed to the Tragedy Assistance Program for Survivors, a group that lends support to bereaved military families, as well as the Tragedy Assistance Program for Survivors.
In 2022, the Bidens earned $610,702 and paid $150,439 in federal income taxes at a rate of 24.6%, which is largely consistent with their tax returns from 2021, when they earned $610,702 and paid $150,439 in federal income taxes, respectively.
Harris and Emhoff owed a total of $93,570 in federal income taxes at an effective rate of 20%.
Last year, Harris and Emhoff donated $23,000 to charity, including $5,000 each to the vice president’s and second gentleman’s alma maters, Howard University and the University of Southern California.
The White House reinstated the Trump administration’s practise of publishing the tax returns of the president and vice president as a gesture of transparency.
“Once again demonstrating his commitment to being transparent with the American people regarding the finances of the Commander-in-Chief, President Biden has released the most tax returns of any president while in office,” the White House said, noting that Biden has now released 25 years of tax returns.
The House Ways and Means Committee eventually released six years of former President Donald Trump’s tax returns, including those from his tenure in office, after years of secrecy.
They revealed, among other things, that the former president paid very little in federal income taxes during his first and final years in office, asserting enormous losses that helped limit his tax bill.
