President Joe Biden and First Lady Jill Biden released their 2023 tax return, showing they earned $620,000 before taxes last year, a 7% increase from the previous year. The increase was mostly from a rise in interest income. In addition to Joe Biden’s $400,000 presidential paycheck and Jill Biden’s $86,000 from her job as a professor, the couple also received $55,000 in Social Security benefits, $35,000 from pensions and annuities, and $39,000 in interest. They donated $20,000 to 17 different charitable organizations, including the Beau Biden Foundation and various churches.
The Bidens paid $147,000 in federal taxes, at a rate of 24%. Their tax rate is higher than the typical American’s effective tax rate of 13.8% in 2021. They also have to cover many of their living expenses while in the White House, despite being able to receive up to $50,000 to defray official duties costs. Overall, it was a good year financially for the Bidens, but it had little impact on their net worth, which is estimated at $10 million, the same as it was last calculated. Joe Biden’s wealth has grown by 25% since his inauguration, thanks to his presidential salary, rising real estate values, and investments in the stock market.
The majority of the Bidens’ wealth, around $7 million of the $10 million, is invested in their two Delaware homes. Their most valuable property is a summer home in Rehoboth Beach, estimated at $4.5 million, and a colonial-style home in Wilmington worth $2.5 million. The rest of their wealth is divided between pensions and other investments, including a 1967 Corvette Stingray valued at $100,000. Despite their financial success, the Bidens’ net worth is still lower than some of Trump’s assets, including a home in St. Martin worth approximately $1 million more than the Bidens’ properties.
Joe Biden has been able to increase his wealth significantly since leaving the vice presidency, thanks to speaking engagements, book deals, and a teaching position at the University of Pennsylvania. His next financial disclosure is due in May but may be delayed until mid-August. The Bidens continue to be financially secure, with most of their wealth tied up in their real estate holdings and investments. Their charitable giving and tax payments show a commitment to giving back, despite their comfortable financial situation.
