A Closer Look at Joe Biden’s Net Worth

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A Closer Look at Joe Biden’s Net Worth

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While many politicians earn less than $30,000 a year, Joe Biden has a more substantial financial background. He is the former vice president of the United States. While his net worth isn’t big, it has grown significantly over the last 23 months. Despite being the Vice President, Biden has donated a considerable amount of his money to charities. Below, we take a look at the details of his net worth.

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As of early 2018, it is not clear how much money Vice President-elect Joe Biden has. The former senator from Delaware earned an average salary of $169,00 per year, which increased by 30% when he became Vice President. At the time, his net worth sat between $897,000 and $489,00, not counting his salary or any other expenses. While he will still work as an educator, Jill will continue to work as a school teacher. The couple’s wealth is largely derived from his book deal with Flatiron Books, which earned him an estimated $8 million last year.

Although Joe Biden’s net worth is small, his financial priorities aren’t very different from Donald Trump’s. The former vice president has two homes worth over $4 million, a government car, and a $1 million federal pension. However, he began renting the mansion shortly after he stepped down as vice president. This lavish mansion includes marble finishes, a gym, a sauna, and ample parking for twenty vehicles. The campaign for the former vice president referred to the Manson’s rental price as “substantial,” but the Washington Post determined that the monthly rent remained at around $20,000 per month.

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There is no doubt that Joe Biden has a large property portfolio that he has invested in over the years. The former vice president bought a property worth $350,000 in Wilmington, Delaware in 1996, which he later flipped for a $1.9 million mansion. He also owns a $2.7 million vacation home in Rehoboth Beach, Delaware.

According to the most recent financial disclosure from Joe Biden, the former vice president is worth between $7 million and $9 million, depending on the current market and his book sale. His wife Jill Biden has estimated that she earns $150,000 per year and Joe and Jill Biden’s combined income in the past two years is between $15 million and $8 million, after taxes. Joe Biden also earns a lifelong pension equal to 70% of his highest three years of compensation, which means he will likely collect $161,490 a year for the rest of his life.

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Vice President Joe Biden started drawing Social Security benefits last year. His new role as President of the Senate will likely earn him a federal pension worth over $180,000 a year. The federal pension program allows members of Congress to collect 80 per cent of their last highest salary. The rules for this are complex, but the end result is that Biden will get at least $248,000 a year. There are several different options, but most senior members of Congress will stay in the older system.

The Social Security system is the nation’s most prized social program. For over eighty years, it has paid monthly benefits to eligible retired workers. Since its inception, it has lifted 15 million people out of poverty and supported 64 million Americans. Today, it supports 46 million seniors, including the Democratic Party’s nominee for president. Joe Biden is one of the 46 million people receiving monthly benefits from the program. What is most striking about his benefits is that he and his wife are among the richest individuals in the United States.

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According to the USA, TODAY analysis of tax returns, Democratic vice-presidential candidate Joe Biden gave away more than $520 a year in charitable donations over the last decade. As a practising Catholic, being a good steward of your own resources is important. But, that’s not enough. In the last decade, Sen. Biden also gave away millions of taxpayer dollars through earmarks and appropriations. If that’s not enough to motivate you to give to charity, perhaps he should investigate the wealth of other GOP politicians.

While there are many charities to choose from, we should consider the amount that Joe Biden has donated to charity. During the election campaign in 2008, Biden paid a 25.9% federal income tax. And in 2020, he gave away $30,704 to ten charities, including his own nonprofit organization, the Beau Biden Foundation. While the Beau Biden Foundation is a great cause, it has been known for years to be a clearinghouse for wealthy Biden cronies to collect fat paychecks. Read More

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