President Biden Pays $146,629 in Federal Income Taxes

President Joe Biden and First Lady Jill Biden paid $146,629 in federal income taxes on a combined $619,976 in adjusted gross income in 2023. As revealed by White House tax filings, this reflects a 23.7% effective federal income tax rate.

The amount marks a slight increase in both income and taxes compared to the previous year. Factors contributing to this uptick include a raise for Jill Biden and increased Social Security benefits. 

The Bidens donated over $20,000 to charity, with notable contributions to the Beau Biden Foundation, St. Joseph on the Brandywine, and the National Fraternal Order of Police Foundation.

Despite the income rise, the president’s effective federal income rate fell slightly from the previous year to 23.7%. Notably, the Bidens didn’t receive a refund but wrote a $334 check to the federal government and paid a $285 penalty for insufficient estimated tax payments.

The White House emphasized this as the 26th year of publicly disclosing their tax returns, contrasting with former President Donald Trump’s refusal to release his.

For more information, read the full article on Bloomberg.