The couple’s tax return showed a 7 percent jump in income from 2022, a result of higher taxable interest income this year.
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The bulk of President Biden and Jill Biden’s income came from the $400,000 salary that Mr. Biden earned as president, and Dr. Biden’s salary of $85,985 from Northern Virginia Community College.
President Biden and Jill Biden, the first lady, reported earning roughly $620,000 in 2023, releasing their joint tax return for the third straight year of Mr. Biden’s presidency and the 26th time throughout his political career.
The couple’s tax return, released on Monday evening by the White House, showed that Mr. Biden and Dr. Biden paid just over $181,000 in state and federal taxes, with an effective federal income tax rate of nearly 24 percent.
Their federal gross income in 2023 was nearly 7 percent higher than the $580,000 they reported in 2022, largely a result of increased taxable interest income this year stemming from higher interest rates.
The bulk of their income came from the $400,000 salary that Mr. Biden earned as president, and Dr. Biden’s salary of $85,985 from Northern Virginia Community College, where she is an English professor. The president’s salary is set by Congress and has been constant since 2001.
The jump in income last year was largely attributable to the $129,876 in taxable interest, pensions, annuities, IRA distributions and Social Security benefits that the couple claimed, up significantly from the $92,087 reported last year.
Dr. Biden also earned $4,115 in royalties from books she has written, while the president reported no royalties.
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Source: nytimes.com
