Biden and his wife report 7% income rise in latest release of tax returns

By Thomson Reuters Apr 15, 2024 | 4:33 PM

WASHINGTON (Reuters) – U.S. President Joe Biden and his wife Jill on Monday released tax returns showing that their income rose 7% to nearly $620,000 in 2023 and that the couple paid 23.7% of their income in federal taxes.

Biden released the data on the day U.S. taxes for the prior year are due, and as the Democrat seeks re-election in 2024. Donald Trump, his Republican opponent, has declined to release his tax returns.

Biden and his wife earned four-fifths of their income from their jobs as U.S. president and teacher at Northern Virginia Community College, respectively.

Additional money came from interest on investments, pensions and a pass-through entity that collects book royalties. The proportion of Joe Biden’s income that went to federal taxes was roughly equal to the prior year.

The return also showed that Biden donated $20,477 to charity, with the beneficiaries including several churches, public health groups like the Epilepsy Foundation and the Fraternal Order of Police.

Biden’s running mate, Vice President Kamala Harris and her husband Douglas Emhoff, also released a tax return showing $450,380 income for 2023 and federal taxes of $88,570.

(Reporting by Trevor Hunnicutt and Kanishka Singh; editing by Costas Pitas)