A glimpse of the President’s financial records gives us an idea of how Joe Biden went from middle-class Joe to become the millionaire. JOE BIDEN is America’s new President who, along with his wife Jill, will enter the White House having raked a staggering amount of money piggybacking a lengthy career, which began in a law firm way back.
It might be that some people knew Joe Biden as Middle-Class Joe, but the current President is a millionaire many times over. Biden released financial records and state and federal tax returns for 2016, 2017 and 2018, in the early part of his 2020 presidential campaign. Based on these forms, Forbes calculated that the net value was $9 million.
This piece looks at how he earned the fortune, read on to find out how.
Last year, we discovered that the former President Trump had paid $750 or less in taxes in years, with unpaid debt he and his businesses running surpassing $1 billion.
The revelation contrasts dramatically with President Biden, who was once labelled “poorest man in Congress,” Joe Biden. Of course, he is rich by anyone’s standards, but his net value and how he got it is much easier to track, especially as he’s released his tax returns every year for over a decade.
Biden spent several years as “Middle-Class Joe” with a family history encompassing that both wealth and struggle until he reached his current net value.
Joe Biden’s Net Worth Today
In all, Joe currently estimated to be worth $9 million, far more than before. The bulk of Biden’s wealth is in real estate.
Still, they have a portfolio of investments too According to Forbes, Biden has a total portfolio of $4 million in real estate (Joe and Jill, Biden’s wife own two Delaware homes), $4 million of cash/investment and more than $1 million of federal pension.
From 2016 to 2018, the Bidens released their return on taxes showing they paid nearly one-third of the income in taxes in 2017 and 20180-$3.7 & $1.5 million respectively and contributed substantial sums to charities $1 million & $275,000, in 2017 and 2018 respectively.
How Joe Biden Made His Money
Joe Biden, Sr. was born from wealth—his dad had a division of American Oil. Joe Sr. had a profound influence on his son Joe Jr., But Joe Sr. set out as an entrepreneur and stalled many times in his ventures, leaving the family poor, as his son Joe Jr. memoir records-at one point, the children even went to stay with their grandmother. Joe Sr. Would land car sales job.
The family settled in Delaware – to this very day – and Joe Jr. completed a work-study program to attend Claymont’s prestigious Archmere Academy in Claymont.
After marrying his wife Neilia, Joe began working at a law firm and then he’d be elected to Senate becoming one of the youngest Senator, at a starting salary of about $42,500 a year that’s worth $250,000 today, adjusted for inflation. Between 1973 and 2009, Biden served as a Senator.
According to historical records in the Senate, his salary grew from $42,500 annually to $174,000 annually during his tenure. He got another boost, receiving around $230,000 a year when he was elected vice president.
In 1998, Biden released his tax forms showing that the two were making money from his Senate salary. Through her work in community colleges, Jill has added to their total income; she has been a teacher for more than three decades. In 2009, Joe earned $169,300 in senate salaries, and then he got an average of around $225,000 per year as vice president of President Obama.
What Was Joe Biden Salary As Vice President?
When Joe’s tenure as VP formally ended, he filed a financial disclosure form with a net value between -$897,000 and $489,000. As VP, he received some $225,000 annually.
The following two years, the estimates indicate that the couple made fortunes in millions of dollars in speaking fees, book tours, and leadership at the Center for Diplomacy and Global Engagement of Pennsylvania University (where Biden is currently on leave).
In return, the couple could make additional donations and pay off their mortgages – one of the mortgages remains unpaid and one of their son’s credit lines – and purchase a new building in Rehoboth Beach.
After leaving office, Biden made a substantial sum off-book deals and speaking engagements. In November 2009, according to CBS, Joe Biden’s total net worth was below $30,000, but for former President Obama’s number two life’s post-vice presidency proved rather lucrative.
When Biden released his financial statements in July 2019, the statement revealed that in 2017 and 2018 Biden and his wife Jill had earned more than $15 million.
In particular, the Bidens reported an adjusted gross income of approximately 11 million dollars in 2017 and $4.6 million in 2018.
The bulk of the amount primarily derived from a multi-book contract with Flatiron Books worth $8 million per Publisher per week, although the Bidens received substantial earnings from speech commitments.
The AP reports, Biden’s basic speaking fee, was $100,000, although it was between $40,000 and $190,000. The New York Times also indicates that Biden made more unpaid speaking engagements during this period, not included in the disclosure, citing his campaign.
The records also indicate that the former VP earned $540,000 as a professor at the University of Pennsylvania’s Penn Biden Center for Diplomacy and Global Engagement.
How much Does Joe Biden Make As President?
American law requires a salary charged for the President of the United States during their tenure of office.
Congress increased the presidential pay from $200,000 to $400,000 in 2001 The United States also awards a $50,000 expense allowance per year to their commander-in-chief “to assist in defraying expenses relating to or resulting from the discharge of their official duties.
The President also gets paid a non-taxable travel and entertainment account of $100,000 & $19,000 respectively. Presidential salary is taxable, whereas the remaining additional expenses are not.
We also should expect Jill to continue teaching while carrying out her duties as the first lady. “If we get to the White House, I’ll continue teaching,” she told CBS in August on a Sunday morning. “It’s important, and I need people to value teachers and appreciate their contributions, and lift up the profession.” this would make her the first lady to hold a paid job and the first to hold a PhD.