President Joe Biden and first lady Jill Biden released their 2022 tax returns, showing a joint income of $579,514.
In a press release accompanying the release, the White House stressed the need for transparency and credited the president for releasing “the most tax returns of any president while in office.”
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“Today, the President and First Lady released their 2022 federal income tax return. With this release, President Biden has shared a total of 25 years of tax returns with the American public. Once again demonstrating his commitment to being transparent with the American people about the finances of the Commander-in-Chief, President Biden has released the most tax returns of any president while in office,” the press release read.
The Bidens paid $169,820 in combined federal, Delaware, and Virginia income taxes, with an effective federal income tax rate of 23.8%. The White House also touted the charitable contributions the president and first lady made, with the couple contributing $20,180 to 20 different charities last year.
The Bidens’ income was slightly less than last year’s when they made $610,702 and paid $150,439 in federal taxes. Both tax returns were similar to their 2020 tax return.
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Vice President Kamala Harris and second gentleman Douglas Emhoff released their tax returns as well, with a federal adjusted gross income of $456,918. Across federal and California and District of Columbia income taxes, the couple paid $120,879, with an effective federal income tax rate of 20.5%. They contributed $20,000 to charity.
The total is a massive decrease from last year when they registered a federal adjusted gross income of $1,655,563. In contrast, the taxes they paid in 2021 was greater than their income in 2022. The major contrast could be due to selling a residence, according to CNN.
