President of the United States Joe Biden and his wife, Jill, released their tax returns Monday, showing their income rose 7% to $619,976 in 2023, and the couple paid 23.7% of their income in federal taxes.
Biden released the data on when his US taxes were due for the previous year and the day the Democrat seeks re-election in 2024.
Donald Trumphis Republican opponent said he was unable to do so when audited by the Internal Revenue Service, breaking with presidents’ tradition of making their federal tax returns public, even though the agency claims it is free to release them.
A US House committee, controlled by Democrats in 2022, released Trump’s adjusted income for 2015-2020 over the former president’s objections.
Trump was in a New York courtroom on Monday historical criminal trialone of several legal issues related to the ex-president’s personal finances.
“President Biden believes that all occupants of the Oval Office should be open and honest with the American people and that the tradition of releasing the president’s tax returns each year should continue unabated,” the White House said in a statement.
Trump’s campaign did not immediately respond to a request for comment.
In a post on social media Monday, Trump said American families have benefited from tax cuts enacted during his time in office. He said people would face “huge” tax increases if Biden “has his way.” He did not enter any information on his 2023 tax return.
Biden and his wife earned four-fifths of their income from their jobs as president and teacher at Northern Virginia Community College, respectively. Joe Biden earned $400,000, while Jill Biden earned $85,985 from her job as an English teacher at Northern Virginia Community College.
Additional income came from interest on investments, pensions and a corporate entity that collected the couple’s book royalties. Most of the increase in income from 2022 came from interest paid on one of the couple’s bank accounts, according to tax returns.
The proportion of Joe Biden’s income included in federal taxes was about the same previous year.
Biden plans to deliver a tax policy speech from his hometown of Scranton, Pennsylvania, on Tuesday, which will include a call for higher rates on the wealthy. Pennsylvania is expected to be one of the most closely contested states in the 2024 election in November.
The president’s return also showed that Biden donated $20,477 to charity, about 3.3% of his income, with beneficiaries including several churches and public health groups such as the Epilepsy Foundation and the Fraternal Order of Police.
Biden’s running mate, Vice President Kamala Harris and her husband, Douglas Emhoff, also released their tax returns for 2023 showing $450,380 in income, $88,570 in federal taxes and $23,026 in charitable donations.