Joe and Jill Biden's income grew by 7% in 2023.

Joe Biden and his wife, Jill, released their tax returns, which show that in 2023 their income rose 7% to USD 619,976. The couple paid 23.7% of their income in federal taxes.

Biden released the data on the day U.S. taxes were due for the previous year and as the Democrat seeks re-election in 2024, CNN reported.

Donald Trump, his Republican opponent, broke with the tradition of presidents releasing their federal tax returns by saying. He said he was unable to do so while being audited by the Internal Revenue Service, although the agency said he was free to release them.

A committee of the US House of Representatives, controlled in 2022 by Democrats, released the redacted declarations of Trump for the period 2015-2020, despite the objections of the former president.

Biden and his wife receive 4/5 of their income from their jobs as President of the United States and professor at Northern Virginia Community College, respectively. Joe Biden earns a salary of $400,000, while Jill Biden earns $85,985 from her job as an English teacher at Northern Virginia Community College.

Additional income is derived from interest on investments, pensions and a corporate structure that collects royalties for the couple's books. Most of the increase in income from 2022 is from interest paid on one of the couple's bank accounts, according to the tax return.

The federal tax share of Joe Biden's income is about the same as the previous year.

The president's statement also shows that Biden has donated $20,477 to charity, roughly 3.3% of his income, with beneficiaries including several churches and public health groups such as the Epilepsy Foundation and the Fraternal Order of Police./BGNES