President Joe Biden's Tax Plans and Income

SOURCE www.foxnews.com
President Joe Biden details plan for 25% tax on American billionaires during State of the Union address. Biden and first lady Jill Biden reported $619,976 federal income in 2023. They paid $146,629 in federal income tax with an effective rate of 23.7%. Biden administration emphasizes transparency by releasing tax returns and donating to various charities.

Key Points

  • President Biden's 2023 federal income was $619,976
  • Effective federal income tax rate for Biden in 2023 was 23.7%
  • Biden administration emphasizes transparency by releasing tax returns
  • President proposes a 25% tax on American billionaires

Pros

  • Transparency in sharing tax returns with the public
  • Commitment to creating a more equitable tax system by proposing a 25% tax on American billionaires

Cons

  • Potential backlash from billionaires and opponents of tax increase