During presidential elections, verbal fireworks and false claims about the candidates are common occurrences, and the 2024 campaign has been no exception. One such false claim, circulated late last year, pertained to President Joe Biden’s net worth.
Actor James Woods shared an image on X (formerly Twitter) alleging that Biden’s net worth had increased from $9 million in 2019 to $41 million in 2022. Net worth is calculated as the value of income and assets minus debt and other liabilities.
Woods, a vocal supporter of former President Donald Trump, the leading contender for the Republican nomination, expressed shock at the purported increase in Biden’s wealth. The implication was that Biden’s wealth had more than quadrupled during his tenure in the White House, which would indeed be noteworthy.
However, fact-checking organization PolitiFact found Woods’ claim to be significantly inaccurate, off by about $30 million. PolitiFact rated the claim as “false.” Additionally, Woods appears to have removed the post from X.
Joe Biden’s Net Worth
According to Forbes, President Biden’s actual net worth is approximately $10 million. Despite being referred to as “Middle-Class Joe,” Forbes acknowledges that there is nothing truly “middle class” about having a net worth of $10 million.
PolitiFact previously described Biden as one of Congress’ “least wealthy members” before he assumed the vice presidency under President Barack Obama and eventually became president himself. Since taking office, Biden’s wealth has increased from about $8 million to around $10 million.
Forbes clarifies that this increase in wealth is not due to any questionable family business dealings in foreign countries, as some of Biden’s political opponents have suggested. Instead, Forbes attributes Biden’s growing wealth to real estate investments. The president owns two homes in Delaware valued at approximately $7 million combined. Thanks to the surging housing market in recent years, the value of these properties has increased by nearly $1.8 million since Biden took office.
Forbes also highlighted Biden’s long-standing interest in real estate. In his mid-20s, he purchased three houses and 85 acres of land in Maryland with the intention of eventually creating a family compound. Initially, Biden rented out these properties rather than residing in them himself. Instead, he and his family lived rent-free in a nearby cottage in exchange for managing a local pool.
One of Biden’s notable assets is a 1967 Corvette Stingray, which he received as a wedding gift from his father. This vintage car is now estimated to be worth around $100,000.
As president, Biden earns an annual income of $400,000. White House financial disclosures released in May 2023 revealed that Biden’s assets ranged from $1 million to $2.65 million as of 2022, a figure largely consistent with his financial status in 2021, his first full year in office.
Joe Biden’s Political Career
Biden’s political career spans several decades, marked by notable achievements and positions of leadership. He was elected to the Senate from Delaware in 1972 at the age of 29, making him one of the youngest senators in history. Tragically, shortly after his election, his first wife, Neilia, and young daughter, Naomi, were killed in a car accident. This event influenced Biden’s decision to commute to the Senate by train.
During his tenure in the Senate, Biden chaired several governmental committees, including the Senate Foreign Relations Committee and the Senate Judiciary Committee. He made two unsuccessful bids for the presidency in 1988 and 2008 before successfully winning the presidency in 2020. Biden served as vice president under President Barack Obama from 2009 to 2017 and assumed office as president of the United States on January 20, 2021.
Some of Biden’s significant political accomplishments include:
- 1990: Introduced the bill that would later become the Violence Against Women Act (VAWA), addressing issues of domestic abuse and violence.
- 2002: Voted to authorize military intervention in Iraq but later became a vocal critic of the conflict.
- 2010: Played a key role in the passage of the 2010 Affordable Care Act, a landmark healthcare reform law.
- 2020: Elected as the 46th president of the United States.
- 2021: Signed a bipartisan infrastructure package totaling $1.2 trillion aimed at improving the nation’s infrastructure, including roads, bridges, and public transportation.
- 2022: Signed the Respect for Marriage Act, ensuring federal recognition and protection of interracial and LGBTQ+ marriages.
- 2023: Signed the Fiscal Responsibility Act, which suspended the federal debt limit and imposed limits on federal spending for two years.
Joe Biden’s Tax Returns
The Bidens’ 2022 tax returns, released on April 18, 2023, shed light on the couple’s earnings for the year.
Their primary sources of income included President Biden’s $400,000 salary and the first lady’s earnings of $82,335 as an educator at Northern Virginia Community College, where she has been employed since her husband’s tenure as vice president. Together, their joint federal income tax return revealed an adjusted gross income of $579,514 after factoring in additional income from sources such as Social Security, pensions, annuities, taxable interest, and other minor sources.
In total, the Bidens paid $169,820 in combined taxes to the federal government, Delaware, and Virginia, resulting in a federal income tax rate of 23.8%, as reported by the White House. Despite withholdings, the Bidens owed the federal government $4,632. However, they were entitled to refunds of $846 from Virginia and $10 from Delaware.