Biden Reported Last Year's Income as 800 Million Won... Trump Refused to Disclose

Combined Income of Biden Couple Approximately $620,000
"Tradition of Presidential Tax Disclosure Must Continue"
Tax Reform Expected to Be a Key Issue in Upcoming U.S. Election

U.S. President Joe Biden and First Lady Jill Biden reportedly earned an income of $620,000 (approximately 860 million KRW) last year. Former President Donald Trump refused to disclose his tax returns. With tax reform emerging as a key issue in the upcoming U.S. presidential election this November, the policy stances of the two candidates are expected to sharply contrast.

According to a report by The Washington Post (WP) on the 15th (local time), President Biden and First Lady Jill Biden released their 2023 tax return details on the same day. Their combined federal adjusted gross income rose about 7% from the previous year to $619,976, of which 23.7% ($146,629) was paid as income tax. Salaries from Biden’s presidency and Jill Biden’s work at Northern Virginia Community College accounted for 80% of their income.

[Image source=Reuters Yonhap News]

The White House stated in a press release, "President Biden has disclosed his tax returns for 26 years since his time as a senator from Delaware," adding, "The long-standing tradition of releasing the president’s tax returns annually must not be broken." This was interpreted as a critique of former President Trump’s refusal to disclose his tax returns.

WP noted that President Biden appears to strategically contrast his past life of poverty with the wealthy lifestyle of former President Trump by using tax day. In February, during a campaign event in California, Biden said, "For 36 years, I took great pride in being recorded as the poorest member of Congress." On the 16th, President Biden is scheduled to visit Scranton, northeastern Pennsylvania, where he was born and experienced economic hardship, to deliver a speech on taxing the wealthy.

With tax reform becoming a major topic in the November U.S. presidential election, Biden’s proposal to increase taxes on the wealthy is expected to sharply contrast with former President Trump’s tax-cutting stance during the campaign. In last month’s annual State of the Union address, Biden pledged, "My goal is to reduce the federal deficit by $3 trillion (3,985 trillion KRW) by ensuring that large corporations and the very wealthy pay their fair share," and promised to raise the corporate minimum tax rate from the current 15% to 21%.

On the other hand, former President Trump, who implemented a large-scale tax cut in 2017, declared in February in South Carolina, "I will make the 'Trump tax cuts' the biggest tax cuts in history," and said, "We will make the tax cuts permanent and create a new economic boom." Trump also announced plans to extend the 2017 tax law and the associated personal income tax cuts, which are set to expire next year.

Lael Brainard, Chair of the National Economic Council, commented, "President Biden wants tax cuts for working families, but former President Trump wants to cut taxes more for the wealthy and large corporations," adding, "President Biden is making it clear whose side he is on."