Here’s how much President Biden paid in taxes in 2022
As tax day wound down Tuesday evening, President Joe Biden and Vice President Kamala Harris released their complete 2022 tax returns.
Biden, 80, again filed jointly with his wife, Jill Biden. The couple reported an adjusted gross income of $579,514 with over $480,000 coming from their salaries.
Jill Biden, a community college professor, earned $82,335 from her work at Northern Virginia Community College in 2022, while her husband received the presidential salary of $400,000. The Bidens also received additional income from existing S corporations, IRA distributions, Social Security benefits, and taxable interest.
The first couple's 37-page return showed they paid a total of $137,658 in federal income tax, $29,023 in Delaware income tax, and $3,139 in Virginia income tax. The Bidens also reported contributions of $20,180 to 20 different charities in 2022, including $5,000 to the Beau Biden Foundation in honor of the president’s late son.
The first family paid an effective federal income tax rate of 23.8%.
The top lines of the first couple's 2022 returns were very similar to both their 2021 and 2020 returns with similar income and charitable contribution levels. The Bidens' income has fallen from the 2017-2019 period when they were out of office and off the campaign trail. During that stretch, thanks in part to book deals and speaking engagements, they reportedly earned over $15 million.
Biden has now made 25 years of his tax returns public.The White House says that Biden has released the most tax returns of any president while in office.
The president's focus on transparency is a notable contrast to former President Donald Trump who never released his tax returns willingly, but had six years of his returns released by Congress at the end of 2022 following a acrimonious battle. Some of those returns showed the former president paid just $750 in federal income tax in 2017 and no federal income tax in his 2020 filing.
The vice president’s returns
The vice president and Second Gentleman Douglas Emhoff also released their joint return on Tuesday evening, showing an adjusted gross income in 2022 of $456,918. That's significantly down from the $1,655,563 they reported in 2021.
They paid $93,570 in federal income tax, $17,612 in California state income tax, and $9,697 in District of Columbia income tax. They reported $23,000 in charitable donations.
Their 2022 effective federal income tax rate came in at 20.5%.
In 2021, a majority of the second couple's much higher income came from proceeds from Harris’s work as a writer. But 2022 saw less in royalties, with most of their income coming from their salaries.
Harris made about $219,00 as vice president, while Emhoff added another $169,000 from his work as a distinguished visitor from practice at Georgetown University.
In total, Harris has released 19 years of her returns.
Once again, neither Biden nor Harris sold any crypto in 2022, according to their returns. But both Biden and Harris along with their spouses contributed $3 each to the presidential election fund with that money set to help public funding of elections in 2024 and beyond.
Ben Werschkul is Washington correspondent for Yahoo Finance.
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