Celebrity News

White House Release Tax Returns of President and First Lady

Image Commercially Licensed from: DepositPhotos
Image Commercially Licensed from: DepositPhotos

On April 18, 2023, the deadline for Americans to file their tax returns with the Internal Revenue Service, the White House released the tax returns for President Joe Biden, First Lady Jill Biden, Vice President Kamala Harris, and Second Gentleman Doug Emhoff.

President Biden and the first lady made $579,514 in 2022, somewhat less than they did the year before, according to their tax forms. The president’s $400,000 annual salary, set by Congress, and pensions made up the majority of their combined income. 

A little over $5,000 was also received by the first pair from two S Corporations, CelticCapri Corp. and Giacoppa Corp., which were created to collect royalties from their writing and speaking activities. However, compared to the previous year, when they generated approximately $62,000, the income from those firms was much lower.

Additionally, the first lady made $82,335 from her employment as a teacher at Northern Virginia Community College. The president and first lady collectively paid $169,820 in income taxes to the federal, state of Delaware, and the Commonwealth of Virginia in 2017. They owed the federal government $137,658 of that, making their effective federal income tax rate 23.8%.

While this was going on, Vice President Kamala Harris and Second Gentleman Doug Emhoff earned $456,918 in the previous year, a considerable decrease from 2021 when they sold their home. The couple paid $123,908 in federal income taxes, according to their tax forms, for an effective federal income tax rate of 27.1%.

These tax filings demonstrate that Vice President Harris and President Biden are open about their financial situation and serving as role models for other political leaders. It is crucial for leaders to be transparent about their financial situation since it fosters public trust and transparency.

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Tax Returns from White House Report

The couple donated $20,180 to 20 different charities in 2022, including $5,000 to the Beau Biden Foundation. The charity, named after the president’s late son, is aimed at protecting children from abuse.

The Bidens have a long history of charitable giving and supporting causes that are important to them. Other organizations that the couple gave to include the Tragedy Assistance Program for Survivors, a group that offers support to grieving military families, as well as St. Joseph on the Brandywine, a Catholic church that the Bidens attend in Wilmington, Delaware.

Charitable giving is an important aspect of the Bidens’ personal values and their commitment to making a positive impact on society. Their donations show that they care about various causes and organizations that support people in need.

The 2022 tax returns are mostly in line with the previous year’s returns, with the Bidens earning $579,514 and paying $169,820 in combined federal, Delaware, and Virginia income taxes at a rate of 23.8%. 

The returns also showed that Vice President Kamala Harris and second gentleman Doug Emhoff owed $93,570 in federal income taxes with an effective federal income tax rate of 20.5%.

The release of tax returns and charitable donations is crucial in demonstrating the transparency and accountability of elected officials. It provides insight into their personal finances and highlights the causes they support. 

Charitable giving not only benefits the organizations that receive donations but also helps to promote philanthropy and encourages others to give back to their communities.

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The Vice President and Husband

Harris and Emhoff donated a total of $23,000 to charity in 2022, according to their newly released tax returns. The donations were made to 20 different organizations, including the couple’s alma maters: Howard University and the University of Southern California, where they both earned degrees in law.

The couple gave $5,000 each to their respective universities to support student scholarships and other initiatives. Howard University, a historically Black university in Washington, D.C., has a special place in Harris’ heart as it is where she earned her undergraduate degree in political science. Similarly, Emhoff has strong ties to the University of Southern California, where he has taught as a faculty member at the law school.

In addition to their donations to higher education, Harris and Emhoff also gave to organizations focused on a variety of issues, including healthcare, civil rights, and veterans’ affairs. The Tragedy Assistance Program for Survivors, which provides support to military families who have lost loved ones, was among the recipients, as was the American Heart Association and the NAACP Legal Defense and Educational Fund.

The release of Harris and Emhoff’s tax returns is part of the Biden administration’s effort to promote transparency in government. President Joe Biden has made it a priority to release his tax returns, sharing 25 years’ worth with the public. 

This stands in contrast to the previous administration under President Donald Trump, who broke with decades of tradition by refusing to release his tax returns.

Trump’s tax returns eventually became public after a lengthy legal battle. They showed that the former president paid very little in federal income taxes during his first and last year in office, due to large losses that offset his tax bill. 

The release of the returns also revealed other questionable financial practices, such as tax write-offs for expenses such as haircuts and consulting fees paid to his daughter, Ivanka Trump.

Photo: Dyna Image