“This is the poorest man in congress!” Biden told the crowd at the first-ever White House Summit on Working Families at Omni Shoreham Hotel, Washington, D.C., June 23, 2014, discussing such matters families encounter when the home and the office conflicts. No doubt, Joe at the Summit was drawing the crowd’s attention to his modest upbringing and scrappy roots.
He’s referring to himself as one of the “poorest members of Congress” or as “middle-class Joe” mainly because his net worth is less than $500,000 at the time.
BIDEN, JOSEPH ROBINETTE, JR. (JOE) came from a wealthy family. His father, Joe Biden Sr. ran a division of American Oil but due to temporary setbacks his dad experienced investing in several businesses but failed made the family be put in the middle-class category which inadvertently gave Joe his popularly known nickname the “Middle-Class Joe“.
To be considered wealthy, Americans say you should have a net worth of about $2.3 million dollars. According to Senior Living.
According to the same data, an average person would consider someone rich with a salary higher than $309,000.
The poorest man in congress surpasses it all!
Joseph Robinette Biden Sr. and Catherine Eugenia Biden gave birth to a lovely son (Joe Biden Jr.) on November 20, 1942, in Scranton, Pennsylvania. That’s the WWII period; a day before the completion of ALCAN Highway (or Alaska Highway) to connect the contiguous United States to Alaska across Canada.
Joe Biden is about 184 cm or 6.03675 feet tall and he weighs about 72 kg or 158.733 lbs.
He started his career as an attorney in 1968 – 1969 at Wilmington law firm as a Public Defender. He also started his own firm, Biden and Walsh (which is now known as Monzack Mersky McLaughlin and Browder).
However, this Corporate Law practice didn’t pan out well for him in terms of remuneration so he supplemented his income managing properties including a neighbourhood swimming pool.
On January 5, 1973, Middle-Class Joe was sworn in as a United States Senator with a starting salary of about $42,500 per annum. That’s a lot of money for a middle-class citizen in today’s economy.
Using the Bureau of Labor Statistics inflation calculator, $42,500 in 1973 would equivalent to $259,307.86 in today’s dollars (adjusted for inflation).
Considering making $42,500 per year in today’s economy would definitely put anyone as a middle-class citizen.
Converting that amount into today’s dollars is no joke!
He’s also one of the youngest Senators in the United States – (the sixth-youngest senator in the American history actually). Elected at the age of 29, 11 months old but turned 30 by the time he’ll start his term as a Senator (the minimum age required to hold the office). He served from 1973 to 2009.
Biden was the first U.S Vice President to emerge from Small Wonder (Delaware) on January 20, 2009 and ended his tenure on January 20, 2017.
While he served as the 47th vice president of the United States, his yearly salary remained fixed. Earning about $174,000 per annum.
According to the documents released on Tuesday, July 9, 2009, at about 12:09 PM. Joe amassed $4,000,000 (Four Million Dollars) between 2017 and 2018, delivering about 40 speeches and writing engagements.
In 2017, the Bidens made $10,000,000 from CelticCapri Corp and Giacoppa both S-Corp according to their Financial Disclosures and Tax Returns.
An S-Corp (S Corporation) is a closely held company (a company that is not owned by the government)… An S Corp does not pay any income taxes.
From the same Financial Disclosures & Tax Returns report they published in 2018, another $4.5 million were earned by the Bidens.
In 2019, the Bidens Taxable Income earning reported was around $944,000. Paid about $346,000 in taxes and received a refund of nearly $47,000.
Their tax returns showed they paid $5.5 million in federal taxes between those three years.
Taxable income is the portion of your gross income that’s actually subject to taxation.
The major wellspring of income for the Bidens were from book deals and dozens of six-figure speaking engagements. For example, they received $66,000 from a single speaking engagement he gave in St. Louis, Missouri. on the 4th of August, 2018 and prices as high as $182,679 for another speaking engagement he delivered at The Economic Club of SW Michigan Speakers Series, Benton Harbor.
Jill Biden was hired at Northern Virginia Community College as an English teacher on the 16th of August, 2009. And from 2018 through 2019, she has maintained a base salary of about $99,398.
Not only that, Jill just like Joe also gave several speaking engagements with price per appearance ranging from $25,000 and $46,000. She’s also an author of the books “Don’t Forget, God Bless Our Troops,” and her memoir “Where the Light Enters: Building a Family, Discovering Myself,”. She got royalties from the former and an advance for the latter.
As of 2014, Joe’s net worth was about $385,700 dollars per annum, fast forward to today he’s worth much more.
Joe and his lovely wife, Jill owns two homes in Delaware valued over $4,000,000. Their main residence in Greenville, Delaware worth about $2 million and another in North Shores, (just north of Rehoboth Beach) worth $2.7 million.
Cash in hand with other investments worth another $4,000,000 (Four Million Dollars). And a federal pension worth more than $1,000,000 (One Million Dollars) totalling up to be approximately $9,000,000. According to a Forbes 2019 estimate.