How Did Middle-Class Joe Biden Go From $25,000 in 2008 to $17M in 2022?

Some people call Joe Biden “Middle-Class Joe,” but the former vice president and current president are actually worth a lot more than a million dollars. Biden released his financial information at the start of his 2020 presidential campaign.

This included disclosures and his state and federal tax returns for 2016, 2017, and 2018. Based on these forms, Forbes estimated that he was worth $9 million.

Biden’s 2020 tax returns were also made public by the White House in May of 2021. CNN says that the Bidens filed their taxes together and “reported a federal adjusted gross income of $607,336 and owed $157,414 in federal income tax.”

According to the first family’s 1040 form, they paid $162,063 and received a refund of $4,649. Their 2020 effective federal income tax rate is 25.9%,” reports say. Here’s a look at how he made all his money.

Biden was a Senator from 1973 to 2009, before he became Vice President. The Senate’s historical records show that during his time in office, his salary went from $42,500 per year to $174,000 per year. When he became Vice President, he got a pay raise, so he now makes about $230,000 a year.

Since he stopped being vice president, Biden has made a lot of money from book deals and speaking gigs. CBS says that as recently as November 2009, Joe Biden’s net worth was less than $30,000.

However, since leaving the vice presidency, Biden has made a lot of money. When Biden released his financial disclosures in July 2019, they showed that he and his wife Jill had made more than $15 million in 2017 and 2018.

More specifically, the Bidens reported an adjusted gross income of about $11 million in 2017 and $4.6 million in 2018. Publishers Weekly says that most of that money came from a multi-book deal with Flatiron Books worth $8 million. The Bidens also made a lot of money from speaking engagements.

The AP says that Biden’s basic speaking fee was $100,000, but it ranged from $40,000 to $190,000. The New York Times also says, based on Biden’s campaign, that he gave more unpaid speeches during this time that aren’t on the disclosure.

The disclosures also show that the former vice president made $540,000 as a professor at the Penn Biden Center for Diplomacy and Global Engagement at the University of Pennsylvania.

How Middle-Class Joe Biden become a millionaire
How Middle-Class Joe Biden become a millionaire

Most of the Bidens’ money comes from real estate, but they also have other investments. Forbes says that the two homes the Bidens own in Delaware are worth a total of $4 million. The site also says that they have “about $4 million in cash and investments” and a $1 million federal pension.

Biden gets $400,000 a year as vice president. The US also gives its Commander-in-Chief a $50,000 expense allowance “to help cover costs related to or caused by the performance of his official duties.”

Dr. Jill Biden, who is married to him, will keep teaching at a community college while her husband is in the White House. “It’s important,” she said, “and I want people to value teachers and know their contributions, and lift up the profession.”

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