Biden and his wife report $620,000 income in 2023 tax returns

WASHINGTON: US President Joe Biden and his wife Jill on Tuesday released tax returns showing that their income rose 7 percent to $619,976 in 2023 and that the couple paid 23.7 percent of their income in federal taxes.

Biden released the data on the day US taxes for the prior year are due, and as the Democrat seeks re-election in 2024.

“President Biden believes that all occupants of the Oval Office should be open and honest with the American people, and that the longstanding tradition of annually releasing presidential tax returns should continue unbroken,” the White House said in a statement.

Trump’s campaign did not immediately respond to a request for comment.

Biden and his wife earned four-fifths of their income from their jobs as US president and teacher at Northern Virginia Community College, respectively. Joe Biden drew a $400,000 wage, while Jill Biden earned $85,985 from her job teaching English at Northern Virginia Community College. The additional income was drawn from interest on investments, pensions and a corporate entity that collects the couple’s book royalties. Most of the increase of income relative to 2022 was from interest paid on one of the couple’s bank accounts, according to the tax return.

The proportion of Joe Biden’s income that went to federal taxes was roughly equal to the prior year.

Biden plans to deliver a speech on tax policy from his Scranton, Pennsylvania, birthplace on Tuesday that is expected to include a call for the wealthy to pay higher rates. Pennsylvania is expected to be one of the most closely contested 2024 election states in November.

The president’s return also showed that Biden donated $20,477 to charity, roughly 3.3 percent of their income, with the beneficiaries including several churches and public health groups like the Epilepsy Foundation and the Fraternal Order of Police.