President Joe Biden and first lady Jill Biden made public their tax return on Tuesday. The document indicated that the couple paid $137,658 in income tax in 2022.
What Happened: The Bidens reported $579,514 in gross income, while the previous year the figure was $610,702.
The first couple donated to churches and organizations centered around helping children and forest responders. Total contributions to charity amounted to $20,180 to 20 different charities, according to a White House statement.
The largest gift of charity was made to the Beau Biden Foundation, a public charity named after the president's late son. The charity's focus is children.
See Also: How To File Your Own Taxes: A Beginner's Guide
The White House said that Vice President Kamala Harris and the second gentleman Douglas Emhoff also released their 2022 federal income tax return, which indicated that they earned a gross income of $456,918.
Why It Matters: The president is paid $400,000 as a wage, while the first lady earned $82,335 from her job as an English teacher at Northern Virginia Community College, reported Reuters.
Other sources of income were investment interest, pensions, annuities, and distributions from retirement accounts and Social Security and a corporation that receives the royalties on their books.
Former President Donald Trump broke away from precedent by not releasing his tax forms. However, after a lengthy legal battle, the House Ways and Means Committee released thousands of pages of his tax returns between 2015 and 2020 in December.
The former president reported negative annual income in 2015, 2016, 2017, and 2020 and paid a total of $1,500 in income taxes in 2016 and 2017.
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