Joe Biden became President of the United States on January 20, 2021, he is the 46th President, taking over from Donald Trump. Naturally, as many Presidents of the US, Biden earns a lot of money.
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Moreover, his wife, Jill Biden also makes a significant amount through her own career, from college educator to bestselling author. As the US prepares for a new presidential election (in November 2024), the Bidens have released their joint tax return for the year 2023 and it showed that the couple earned a massive amount of money.
Let’s dive into where the two got their money from and what they do with it.
How much did Joe and Jill Biden earn in 2023?
As reported by CNN, Joe and Jill Biden earned $619,976 in 2023, as per their joint tax return document, released by The White House on Monday, May 13 - which is the deadline for Americans to file their taxes.
The White House also released the tax returns for Vice President Kamala Harris and second gentleman Doug Emhoff ($450,299) as Biden believes that those in the White House should be ‘open and honest’ with their people.
The White House released a statement on Monday, May 13, shared by CNN:
President Biden believes that all occupants of the Oval Office should be open and honest with the American people and that the longstanding tradition of annually releasing presidential tax returns should continue unbroken.
It is believed that the statement was a subtle dig at Donald Trump, who refused to release his tax returns while he was President.
How did Joe and Jill Biden earn over $600K?
According to CNN, most of Joe Biden’s money comes from his presidential salary, which sits at $400,000 with pensions. For Jill Biden, a large chunk of her money comes from her community college educator job, with a salary of $85,985 - we will dive deeper into her career later.
Moreover, the tax return revealed that the couple paid $146,629 in federal income tax in 2023, meaning their federal income tax rate is 23.7%. It is also noted that the couple gave $20,477 to 17 different charities throughout the previous year.
Indeed, the Bidens donated $5K to the Beau Biden Foundation, a charity to protect children from abuse, it was named after Joe’s late son. Other charities the couple donated to include the Fraternal Order of Police, a Wilmington fire station and St. Joseph on the Brandywine, as per CNN.
CNN explains that the couple’s earnings have increased compared to 2022. Indeed, they earned $579,514 in 2022, which is less than what the couple earned in 2021 and 2020 with an income of $610,702 and $607,336 respectively.
A look into Jill Biden’s career
As First Lady of the United States, Jill Biden has many responsibilities to fulfil. As per The White House website, in her first two years as First Lady, Jill Biden travelled to over 40 states and territories as well as 10 countries.
Some of her main focuses include supporting military families, advocating for better educational opportunities and working to find a cure for cancer. Jill Biden helped advance two missions of key White House initiatives: Joining Forces and the Cancer Moonshot.
Jill Biden is also passionate about education as she worked as a classroom teacher for over 30 years, advocating for increased educational opportunities for all students and offering more affordable options.
Moreover, Jill Biden continues to teach, she is an English and writing professor at Northern Virginia Community College, and she has held the position since 2009. The White House website says she is the first presidential wife to maintain an independent career outside of the Presidential house.
Jill Biden has been teaching since 1976, she has taught in high schools, psychiatric hospitals and colleges. Jill’s first teaching job was at St Mark’s High School in Wilmington in 1976. She then became a reading specialist at Claymont High School.
Whilst teaching, Jill was completing a Master’s degree in Education with a speciality in reading at West Chester University, she graduated in 1981. Jill then went on to teach English at Rockford Center Psychiatric Hospital while getting a Master of Arts in English from Villanova University.
In 1993, Jill started her college teaching career by accepting a job at Delaware Technical Community College. According to the White House website, in 2007, Jill Biden received a Doctor of Education (Ed.D.) in educational leadership from the University of Delaware, making her Doctor Jill Biden.
Joe and Jill Biden’s net worth
According to Forbes, Joe Biden has a net worth sitting at a whopping $10 million, which has increased since taking office - formerly by $8 million. The President’s increase in net worth has nothing to do with his job position or daily business dealings.
His increase is thanks to his real estate. Indeed, Joe Biden owns two homes in Delaware, which are estimated to be worth around $7 million combined. That is $1.8 million more than they were worth when he took office, explains Forbes.
Biden's increase in net worth is reportedly due to his real estate. Indeed, the President owns two homes in Delaware, which are currently estimated to be worth around $7 million combined. According to Forbes, the homes value has increased since Biden became President, they are worth $1.8 million more compared to when he entered office.
Biden’s most valuable property is his summer home in Rehoboth Beach, worth an estimated $4.5 million. It is 4,800-square-foot. The President bought the home in 2017 and in November 2023, he added a pool, which could have cost him close to $75,000.
Biden’s second home is located in Wilmington’s Greenville neighbourhood. Originally the President bought a piece of lance for $35,000 in 1996, he then built a 6,850-square-foot, colonial-style home two years later. Then, in 2005, he built a 1,900-square-foot cottage.
According to Celebrity Net Worth, Dr Jill Biden’s net worth sits at $9 million. Not only is Dr Biden a college professor, but she is also an author. She has published a children’s book, based on her stepson’s - Beau Biden - military deployment, entitled Don't Forget, God Bless Our Troops.
Dr Biden has also published a memoir: Where the Light Enters: Building a Family, Discovering Myself, and in 2020, she published her second children’s book, Joey: The Story of Joe Biden.
Read more:
⋙ President Biden has a massive net worth, and most of his wealth doesn't come from politics
⋙ US elections: This is the net worth of everyone running for President in 2024
Sources used:
Forbes: ‘Here’s How Much Joe Biden Is Worth’
CNN: ‘Bidens release tax return that shows they made almost $620,000 in 2023’
The White House: ‘Dr. Jill Biden’
Celebrity Net Worth: ‘Jill Biden Net Worth $9 Million’
