News/Commentary

Release of Bidens’ tax returns brings new scrutiny now that other family scandals are exposed

April 19, 2023 | | Print Article

On Tuesday, which was Tax Day, the Bidens released their 2022 tax return, reporting lower personal income and charitable contributions that the leftist media lapped up and touted as if the multi-millionaire couple’s tax filing wasn’t the stuff of accounting sleight of hand.

(Video Credit: CNBC Television)

Leftists all over social media were gushing over Biden releasing his tax return voluntarily and ranting that former President Trump did not. Trump not releasing tax returns has a lot to do with legalese because of his various business holdings and the fact that he doesn’t want the left tearing every little item apart on them. The Bidens get a pass on their returns and no one seems to feel frisky enough to dig into hidden holdings, shell companies, or LLCs that may not be reflected in their yearly personal filing.

Many understand that tax returns tell the story that an accountant wants to tell and the Bidens, who are worth an estimated $9 million, certainly have enough money to hire top-notch accountants and lawyers to handle their taxes. Is the tax return fact or fiction? It all depends on how you read the accounting tea leaves. As far as paying their fair share, that is a dubious claim at best but one the left is touting loudly.

The Bidens reported a federal adjusted gross income of $579,514, according to their 2022 federal income tax return, which was released by the White House on Tuesday.

That amount is slightly down from 2021 when the president and first lady reported a federal adjusted gross income of $610,702. In 2020, they earned $607,336, which was down from the $985,223 they reported in 2019.

The first couple paid $169,820 in combined federal, Delaware, and Virginia income taxes according to their return which was reviewed by Fox News Digital. That included $137,658 in federal income tax and $29,023 in Delaware income tax. Jill Biden also reported paying $3,139 in Virginia income tax that resulted from her teaching at Northern Virginia Community College.

The president’s salary that was taxed is $400,000. Former President Trump donated his salary each year he was in office. Biden has kept his.

The Bidens also brought in $5,092 from two S Corporations, CelticCapri Corp. and Giacoppa Corp., set up to receive money from their book sales and speaking engagements, according to the New York Post.

The Bidens’ 2022 federal income tax rate was 23.8 percent.

The first couple reported charitable contributions of $20,180 that were given to 20 different charities, with the largest gift of $5,000 given to the Beau Biden Foundation. They also gave to the National Fraternal Order of Police Foundation, St. Joseph on the Brandywine Church, which is the Bidens’ home parish, and the Tragedy Assistance Program for Survivors, as well as other charities.

From 2017 and 2019, between his time as vice president and president, Biden earned over $16.5 million, including large payouts for speaking at colleges and elsewhere according to the New York Post. Per Biden’s previous filings, he earned almost $1 million from the University of Pennsylvania from 2017 to 2019.

The White House released a statement that smacked of propaganda and crowed over Biden releasing 25 years of tax returns to the American public. The Biden administration speciously claims that it shows his “commitment to being transparent with the American people about the finances of the Commander-in-Chief.” Those in finance know that is a subjective reality at best and an outright lie at worst.

They also released the tax returns of Vice President Kamala Harris and second gentleman Douglas Emhoff.

The couple reported a federal adjusted gross income of $456,918. They paid $93,570 in federal income tax, with a 2022 federal income tax rate of 20.5 percent. They are worth an estimated $5 million, according to Yahoo! Finance.

In 2021, they earned more than $1.6 million and paid a tax rate of 31.6 percent.

Harris and Emhoff reportedly paid $17,612 in California income tax and Emhoff paid $9,697 in District of Columbia income tax.

The second couple gave $23,000 to charity in 2022 but it is unknown where that money went.

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

Many Americans saw their taxes go up this year. Biden’s tax return is no comfort to millions who were already struggling with raging inflation and now have to pay the tax man as well.

Twitter users are more than a little doubtful about Biden’s tax return:

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Terresa Monroe-Hamilton
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