Federal Tax Return For 2022

What more interesting can be than a story covering earning pillars of the White House and navigating you through the question of how much US President Biden, VP Harris and their spouses earned in the year 2022 while dedicatedly serving their nations? Being president of the USA or serving as the Vice President, with great responsibilities one enjoys some good perks and benefits over their yearly drawn basic salary.

According to the federal tax returns for 2022 filed by the White House, President Biden and First Lady Jill Biden had an adjusted gross income of $6.7 million in 2022. It is fun to note that the majority of their income came from book royalties, with President Biden receiving $6.4 million in book sales, and First Lady Jill Biden earning $443,00 from her book. But that’s not their main income source as holding an official position, they draw annual salaries associated with their posts, with $215,000 from salaries and $105,000 from pensions.

If we talk about Vice President Harris and her husband Emhoff, their combined income according to their tax returns in 2022 touched $3.1 million. the couple’s earnings came from their salaries, book deals, and investments. As Harris earned $546,000 in book royalties, her husband Emhoff received $2.4 million in income from his law firm.

Average American Household Income

It is worth noting that the income of President Biden, Vice President Harris, and their spouses are significantly higher than the average American household income, which was stated around $79,900 in 2022. However, their earnings are not unusual for people in their positions.

It is important to note that federal tax return only show a portion of person’s financial picture, and do not necessarily reflect overall wealth or financial assets. For instance, President Biden’s book deals included a $10 million advance for his memoirs and $2 million for a book on his son Beau. The Bidens also reported $92,000 in charitable contributions in 2022, with the majority going to the Beau Foundation for the protection of children, which was established in memory of their late son.

Vice President Harris and her husband Emhoff also did some donations in 2022, totaling $875,000. The couple’s donations went to a variety of foundations and organizations including the NAACP Legal Defense and Educational Fund, the National Urban League, and the Thurgood Marshall College Fund.

Overall, the Federal tax return provide a glimpse into the income and charitable giving of the country’s top leaders, but they do not tell the whole story of their financial situation or wealth.

So, how the income of President of the United States, First Lady, and Vice President is determined?

It is regulated and determined by the federal law. The salaries of these officials are set by Congress and are outlined in the United States Code, specifically in Title 3. Chapter 2, Section 102.  

According to the status of federal tax return 2022, the President of the United States gets a salary of $400,000 annually, while the Vice President earns a salary of $235,100 per year. The First Lady and Second Gentleman do not receive a salary for their official duties, but they do have access to certain allowances and benefits, such as travel and office expenses.

It is important to note that the salaries of the President and Vice President are not subject to income tax, as they are considered to be earned from the federal government. However, they are still required to report their income on their tax returns, just like all the U.S. citizens.

As for how the income flow is regulated and how various funds are approved for government programs and activities, periodic reviews and adjustments are made by the Congress typically through appropriations process.

Can US President, Vice President, first lady and Second Gentleman have secondary sources of income?

The President of the United States, First Lady, Vice President, and Second Gentleman may have other sources of income beyond their government salaries. However, any secondary sources of income must be reported on their tax returns and may be subject to certain ethical and financial disclosure requirements.

For example, President Biden’s net worth comprises of their earning from book royalties as mentioned earlier. Vice President Harris and Second Gentleman Emhoff also earned big from book deals, as well as from their respective careers as lawyer and entertainment lawyer.

Vice President Kamala Harris and her husband Emhoff are both lawyers and have continued to practice law while serving in their official roles as Vice President and Second Gentleman, respectively.

The Emoluments Clause

While serving as Vice President or Second Gentleman, individuals are generally not allowed to hold any other public office or employment as the U.S. Constitution’s Emoluments Clause prohibits any person holding a federal office from accepting any additional “emolument” or office from a foreign state or the United States.

There are no specific rules/clauses that permit the Vice President or Second Gentleman to continue to practice law while in office, however the U.S. Constitution’s Emoluments Clause does permit certain types of outside employment, as long as they do not present a conflict of interest or violate other ethics rules.

In case of Vice President Kamala Harris, it appears that their legal work has been given a green signal by the White House Counsel’s office to ensure compliance with ethics rules and to avoid conflicts of interest. To facilitate this green light, Harris has reportedly limited her legal work to pro bono matters and has taken steps to avoid cases that might conflict with her official duties.

Impact on Policies and Decisions

It is essential to understand that the income of the President of USA as well as Vice President of USA can have an impact on the policies and decisions they make while in office. A president or Vice President with a background in public services or working class roots may be more likely to support policies that benefit lower-income Americans, such as increasing the minimum wage or expanding access to healthcare.

In addition to their salaries and book royalties, the President, Vice President, and their spouses also have access to some perks and benefits that come with their roles. The First Lady and Second Gentleman also have access to certain allowances and benefits, such as travel and office expenses.

The federal tax return of President, Vice President and their spouses provide a glimpse into their earnings from salaries, book royalties as well as their charitable giving, yet they do not disclose the whole story of their financial situation or wealth.

The federal tax return for 2022 gave final heads up on the earnings of White House officials, even though their income is not taxable due to the reason of being drawn from federal government, they are still required to disclose their earnings and charitable giving in the federal tax return. This transparency creates a basic trust between the officials of the top level and citizens of the country more concrete.