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First couple made over half a million dollars last year, report shows

By Jimmy Adeel
|
April 24, 2023

President Joe Biden and First Lady Dr. Jill Biden reported a lower income and paid less in federal taxes than in 2021, according to documents released by the White House. 

The couple brought in $579,514 in 2022 and paid 23.8% in federal taxes. The couple donated about 3.5% of their income to charity, totaling $20,180, which was split among 20 charities.

The Bidens paid $137,658 in federal income taxes, significantly less than the $150,439 they paid the previous year. They also paid $29,023 in state taxes in Delaware and $3,139 in Virginia from the First Lady's teaching position at Northern Virginia Community College.

The First Couple's income dropped by more than $30,000 from the $610,702 they reported in 2021, which they paid at a 24.6% rate on federal taxes.

The couple's income primarily came from the president's $400,000 annual salary, pensions, and Jill Biden's $82,335 earnings from her teaching position. Dr. Biden is the only first lady to keep a paying job while in the White House.

Comparisons with American averages

The average federal tax rate for Americans is approximately 14%, and Census Bureau data reveals that the average income of a two-person household is $75,143.

Between 2017 and 2019, Joe Biden earned over $16.5 million, a significant portion coming from speaking engagements at colleges and other venues. He also received nearly $1 million from the University of Pennsylvania during that period.

Biden family donations

The Bidens’ largest 2022 contribution of $5000 went to the Beau Biden Foundation, named in honor of the First Couple’s late son.

The Bidens also contributed to the National Fraternal Order of Police Foundation and their church, St. Joseph on the Brandywine, in Wilmington.

Comparatively Lower Charitable Contributions

In 2021, President Biden and Vice President Harris' tax returns indicated that they contributed less to charity than others in their income bracket. 

The Bidens reported an income of $610,702 and donated $17,394 (2.8%) to charity, while Harris and her husband earned $1,655,563 and donated $22,100 (1.3%). Both figures fall below the average charitable deductions for Americans earning between $500,000 and $2 million.

Bidens’ income from “s” corporations

The Bidens received $5,092 from two S Corporations – Celtic Capri Corp. and Giacoppa Corp. – established to handle revenue from their book sales and speaking engagements. In 2021, they reported nearly $62,000 in income from these corporations.

The Bidens financial background

Historically, President Biden was one of the poorest members of the U.S. Senate, having been elected at age 29.

He commuted to and from Washington by Amtrak because he couldn't afford to buy a home in the D.C. area.

Vice President Harris' Income and Taxes

Vice President Kamala Harris and her husband, attorney Douglas Emhoff, reported earning $456,918 in income in 2022, less than half the amount they reported in 2021 when the Second Couple earned over $1.6 million and paid a tax rate of 31.6%. Harris and Emhoff paid $93,570 in federal income tax in 2022 at a tax rate of 20.5%.

The decline in their income stems from lower sales of Harris' book "The Truths We Hold" and the absence of the windfall from selling a San Francisco property owned by the couple in 2021.

The vice president and Second Gentleman contributed $23,000 to charity in 2022. The vice president's salary is set at $235,100 annually.