President Joe Biden has unveiled a student loan relief plan aimed at helping over 20 million borrowers who are struggling with “unsustainable debts.” The announcement comes as part of Biden’s efforts to address the financial burdens faced by many Americans, particularly in the wake of the COVID-19 pandemic.
Under the plan, borrowers will receive interest relief to alleviate the financial strain of their student loans. This move is expected to provide much-needed relief to millions of Americans who are grappling with the weight of their student loan debts.
In addition to the student loan relief plan, President Biden and first lady Jill Biden released their joint tax return for 2023, revealing that they paid $146,629 in federal income taxes on an income of $619,976. The first couple paid an effective federal tax rate of 23.7%, marking the 26th year that Biden has released his federal tax returns during his public life.
The Bidens’ joint income in 2023 exceeded their reported income for the previous year, with President Biden earning a salary of $400,000 and Jill Biden earning $85,985 from her teaching position at Northern Virginia Community College. The couple also reported charitable contributions totaling $20,477, including a donation to the Beau Biden Foundation in honor of their late son.
Meanwhile, Vice President Kamala Harris and second gentleman Doug Emhoff reported paying $88,570 in federal income tax in 2023, with an effective federal tax rate of 19.7%. The second couple also made charitable donations totaling $23,026.
While President Donald Trump has not released his latest tax returns, House Democrats previously released six years of his tax returns during his time as president and presidential candidate. The Joint Committee on Taxation found that Trump paid only $1.1 million in federal income taxes during the first three years of his presidency and paid no federal tax in 2020.
Overall, President Biden’s student loan relief plan and the release of his tax returns highlight his commitment to transparency and addressing the financial challenges faced by many Americans.
