US PRESIDENT Joe Biden and First Lady Jill Biden publicly released their tax reports for 2023, Monday (15/4). This continues a tradition of transparency that was disrupted under his predecessor, Donald Trump.
This annual custom, although unwritten, is designed to build trust in the White House. Other politicians and candidates often participate as well.
In 2023, the Bidens earned US$619,976, the bulk of which came from the president’s US$400,000 salary and Jill Biden’s compensation of US$85,985 for her teaching job at a college in nearby Virginia.
This figure is an increase from the US$579,514 the couple earned in 2022 and US$610,702 in 2021.
The Bidens’ transparency comes following Trump chose not to follow that cross-party tradition.
Billionaire businessman Trump refused both as a candidate and following taking office to let the public see his tax returns, a document that details all sources and amounts of income, among other financial records.
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When several years of reporting were finally made public following legal battles waged by Democrats in Congress, it was revealed there were years when Trump paid almost no income taxes, due to business losses.
He continues to keep his tax returns confidential as he launches his 2024 campaign to return to the White House.
The Bidens reported paying $146,629 in federal taxes, an effective rate of 23.7%.
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Joe Biden also reported paying $30,908 in Delaware income tax, while Jill Biden paid $3,549 in Virginia income tax.
“President Biden believes that all occupants of the Oval Office should be open and honest with the American people, and that the long tradition of releasing presidential tax returns each year should continue unbroken,” the White House said in a statement.
It said this year marks the 26th year that Biden has shared his tax returns publicly.
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The Bidens also reported charitable donations of US$20,477.
Vice President Kamala Harris and her husband, Doug Emhoff, also released their tax returns, showing income of $450,299 and charitable donations of $23,026.
They paid $88,570 in federal income taxes plus $15,167 in California income taxes and $11,599 in District of Columbia income taxes. (AFP/Z-3)
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