Apr 15, 2024 - Politics & Policy

Bidens earned nearly $620,000 in 2023, tax return shows

Joe and Jill Biden

President Biden gives remarks alongside first lady Jill Biden at the White House on March 18. Photo: Anna Moneymaker/Getty Images

President Biden and First Lady Jill Biden earned nearly $620,000 in 2023, according to their tax returns released Monday.

Why it matters: Biden has consistently released his tax returns during his presidency, highlighting a stark contrast to former President Trump's refusal to do so during his term.

The big picture: The president and first lady reported a combined adjusted gross income of $619,976, more than the roughly $580,000 they earned in 2022 and more than the $610,000 they earned in 2021.

  • The Bidens paid $146,629 in federal income tax and had an effective federal income tax rate of 23.7%, according to their returns.

State of play: Vice President Kamala Harris and second gentleman Doug Emhoff also released their 2023 tax returns on Monday.

  • Harris and Emhoff earned $450,299 in 2023, and paid $88,570 in federal income tax — making their 2023 effective federal income tax rate 19.7%.

Zoom out: Biden has long called for increasing the corporate income tax and raising taxes for the ultra-wealthy.

  • Biden reiterated this message during his State of the Union address last month, saying it was time for wealthy Americans to "pay their fair share."

Flashback: Breaking with precedent, Trump repeatedly refused to release his tax returns while running for the presidency and during his four years in office.

  • Despite his efforts to block their release, the House Ways and Means Committee released six years' worth of his returns in 2022.

Trump campaign spokesperson Danielle Alvarez did not immediately respond to Axios' request for comment regarding whether Trump plans to release his 2023 tax return.

Go deeper