President Joe Biden and First Lady Jill Biden's 2022 tax returns were made public by the White House, revealing that they made around $580,000 and paid nearly $170,000 in federal and state taxes.
The Bidens' income was a little less than it was the year before when they said they made around $607,000. Their primary sources of income were their president and college professor salaries, as well as a pension and Social Security payments.
According to the Tax Policy Centre, the Bidens' effective federal income tax rate was 23.7 percent, which is higher than the 14.6 percent average rate for taxpayers with comparable incomes. Additionally, they paid state income taxes to Virginia and Delaware.
The Bidens gave up $20,180, or around 3.5 percent of their income, to 20 different organizations, including a food bank, a cancer foundation, and a police organization. In comparison to the prior year, when they donated roughly 5.1 percent of their income to charity, their charitable giving was lower.
The tax returns of Biden are in contrast to those of former President Donald Trump, who defied decades of precedent by keeping his tax information private. The Internal Revenue Service denied that it had the authority to prevent Trump from doing so since he was the subject of an audit.
The New York Times, which received some of Trump's tax returns, claims that in 2016 and 2017, Trump paid only $750 in federal income taxes, and in 10 of the preceding 15 years, he paid no taxes at all. In addition, Trump claimed that most years he lost more money than he made and that he owed hundreds of millions of dollars.
The 2022 tax returns of Vice President Kamala Harris and her spouse, Doug Emhoff, were also made public. They revealed that they made approximately $456,000 and paid around $93,000 in federal income taxes. Additionally, they paid state income taxes to the District of Columbia and California.
The income recorded by Harris and Emhoff was much less than the previous year when they said they made more than $1.6 million. Their primary sources of income were their vice president and lawyer salaries as well as the royalties from Harris' memoir.
Harris and Emhoff gave up around 5% of their salary, or $23,000, to 13 charitable organizations, including Harris' alma mater Howard University and a legal aid group.
Restoring public confidence in the nation's highest positions is made possible by the release of the president's and vice president's tax returns. It offers a window into their financial situation and morals as well.
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