The White House released the 2022 tax returns of President Joe Biden and First Lady Jill Biden on Tuesday, showing a slight decrease in their income compared to the previous year. The couple’s federal adjusted gross income for 2022 was $579,514, down from the $610,702 they reported in 2021.
Details of the Tax Returns
According to the tax documents, the Bidens paid a total of $169,820 in combined federal, Delaware, and Virginia income taxes last year. This amount includes $137,658 in federal income tax, resulting in an effective federal income tax rate of 23.8%. In comparison, their 2021 effective federal income tax rate was 24.6%.
The President’s income mainly comprised his $400,000 annual salary set by Congress, along with pensions. The First Lady earned $82,335 from her teaching position at Northern Virginia Community College.
Additionally, the couple reported a little over $5,000 in income from two S Corporations, CelticCapri Corp. and Giacoppa Corp., which handle royalties from their writing and speaking engagements. This income was significantly lower than the nearly $62,000 they received from these corporations the previous year.
In 2022, the Bidens donated $20,180 to 20 different charities. Their largest contribution was $5,000 to the Beau Biden Foundation, named after the President’s late son and dedicated to protecting children from abuse.
Other organizations they supported included the Tragedy Assistance Program for Survivors, which aids grieving military families, and St. Joseph on the Brandywine, a Catholic church in Wilmington, Delaware attended by the Bidens.
Tax Returns of Vice President Harris and Second Gentleman Emhoff
The White House also disclosed the tax returns of Vice President Kamala Harris and Second Gentleman Doug Emhoff. The couple reported a federal adjusted gross income of $456,918 in 2022, a significant decline from their 2021 earnings when they sold a residence.
They paid $93,570 in federal income taxes, with an effective federal income tax rate of 20.5%. Harris and Emhoff donated $23,000 to charity last year, including $5,000 each to Howard University and the University of Southern California, their respective alma maters.
Commitment to Transparency
Releasing the tax returns of the President and Vice President is a practice the White House has restored as a sign of transparency, following its discontinuation during the Trump administration.
With the release of these tax returns, President Biden has now shared 25 years of tax records, reflecting his commitment to financial transparency as the Commander-in-Chief.