How Joe Biden Made His Millions

How Joe Biden Made His Millions

Joe Biden used to joke about
being the poorest member of Congress. Don’t hold it against me that I
don’t own a single stock or bond. Don’t hold and I
have no savings account. Now he’s among the richest
Democrats running for president. Life after the vice
presidency fattened Biden’s wallet. He and his wife Jill made more
than $15 million in 2017 and 2018 combined. That’s easily the most out of
the 2020 Democratic primary candidates who have released their taxes. And Biden’s sudden explosion of wealth
doesn’t quite square with the image he’s pitched to
Americans for years. All my time in public life
since I’ve gotten involved, I’ve been referred to as middle class Joe. It’s not always meant
as a compliment. Let me say this simply clearly, and
I mean this, the country wasn’t built by Wall Street bankers,
CEOs and hedge fund managers. It was built by you. It was built by the
great American middle class. Biden may once have been
part of that middle class. He’s definitely not anymore. 2016 was Biden’s last year as an
elected official after more than four decades. The Bidens
made about $400,000. That’s more than six times
the US median income. But Biden really started making money
after he left the Obama administration in 2017. The couple raked in
more than $11 million. They made another $4.6 million last year. They now say they have between $2.2 million and $8 million in assets. They paid about a third of
their adjusted gross income in federal income taxes in 2017. Last year they paid about $1.5 million in taxes. So where did all
that money come from? Mostly books and speaking fees. The Bidens have two S-Corporations that
get paid for their book deals and speaking gigs. Those 2017 Trump tax cuts that are
a punching bag for Biden and his 2020 rivals? They gave a 20 percent tax break
to owners of businesses like the Bidens have. The S-Corps made about $10
million combined in 2017. They took in about $3.2 million last year. Joe Biden’s book ‘Promise me Dad’
came out in November 2017. It followed the 2015 death
of his son Beau. Jill Biden’s book ‘Where the Light
Enters’ was released in May 2019. Joe Biden promoted his book with
a tour in 2017 and 2018. He made tens of thousands of
dollars for just about every stop. He raked in as much
as $106,000 for one stop. And fees for nearly 20
paid speeches, mostly at universities, in those two years ranged
from $66,000 to $190,000. The Bidens seem to be
enjoying their new wealth. They’re renting a lavish 12,000
square foot house in Virginia. They also bought a $2.7 million beach house in Delaware since
Joe Biden left the Obama administration. Their charitable giving also
rose along with their income. The Bidens put about $275,000
or six percent of their adjusted gross income toward
charities last year. In 2017 they gave more than $1
million to charity, about 9 percent of their income. That was up from 1.5 percent in 2016. But Biden’s riches could cause
some headaches for him. While he has led just about every
national and state polls since he jumped into the race, his
lead has started to shrink. The Democratic contenders have broadly
focused on helping workers and reining in companies
and the wealthy. Biden has been less aggressive toward
business than most of his rivals. And he is already facing heat
for being too cozy with the rich Recently in remarks to a group of
wealthy donors, as you were speaking about the problem of income inequality
in this country, you said we shouldn’t “demonize the rich.” You said nobody has to be punished. No one’s standard of
living would change. Nothing would fundamentally change. What did you mean by that? What I meant by that is, look, Donald Trump thinks Wall
Street built America. Ordinary middle class
Americans built America. We reached out to the Biden
campaign about whether Biden’s riches clash with his campaign message. A spokesman said fighting for working
families has been the defining cause of Joe Biden’s life. He added that Biden is running
to restore the American middle class with everybody in on
the deal this time. It remains to be seen whether Biden
still tries to craft an image around middle class Joe as
he continues his campaign. Especially if he wins the
Democratic nomination and takes on President Trump in 2020. The president is a self professed
billionaire who hasn’t released his tax returns. He broke with decades of precedent
in refusing to release them. Ten years of Trump tax returns from
the 1980s and 1990s, obtained by the New York Times, show
massive losses for the president’s businesses. He didn’t pay federal income
taxes in eight of those 10 years. And since Trump was first
running for President, Biden has cast him as out of
touch with everyday Americans. How can there be pleasure
in saying you’re fired? He’s trying to tell us he
cares about the middle class. Give me a break. That’s a bunch of malarkey.

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100 thoughts on “How Joe Biden Made His Millions

  1. Biden 2020..a least he isn't a total ConArtist Crook like TRUMP…He has the background and intelligence we need to get a better system going for All..Most People would do exactly wht he did he used his name to create more wealth…at least Joe knows wht it is like to be middle class…

  2. The biggest problem is that bydon son receive one billion US dollars from China to run a huge fund that invest in China facial recognition company which causes to the 1984 style mass surveillance and his son is not capable of running a huge fund now that is complete corruption

  3. I wouldn't read anything he wrote. He's never been middle class. He's grabbed everyone's tax dollars all his life on his government paycheck. Never worked hard. What a criminal

  4. Hey! how about a flick about "How did Trump lost his millions and came back; not once, or twice, but six times", that would be a really interesting to watch, don't you think?

  5. Ask the Democrats and the progressives how we can pay for open borders and free health care for everyone?
    Please find out.

  6. There are those who use the country for fame to make money for themselves (Biden). And then there are those who sacrifice their billionaire life style and lose hundreds of millions on their net worth for the forgotten men and women of America (Trump).

  7. A millionaire"public servant." He's been in politics for decades and NOW he's going to fix things? LOL it took Trump to fix Biden's crime bill that incarcerated mass amounts of African Americans.

  8. A typical political snake. Unfortunately, our money-based electoral system is designed to ensure that the most corrupt are most likely to win. In the culture of Washington, party affiliation is almost meaningless, a distraction from the reality of a system driven by amoral corporate elitism.

  9. Don't hold it against you that you don't have stocks, bonds, or a savings account…….sounds like the start of a documentary about how a rich successful man eventually became poor because he didn't know how to properly manage his money. Not the qualities of a good president to not be able to manage your money properly.

  10. Americans don't begrudge wealthy folks but I never understood how anyone can make so much money writing a book or giving speeches, what could the Bidens say that is different from any other politician or the newspaper politico and the subscription 300.00 a year.

  11. Book deals and graduation speeches are money laundering avenues. Rich and powerful corporate houses and individuals can funnel money to publishing houses and universities which are then paid to politicians for writing mediocre books full of fluff. Would be interesting to know if their books sell as many copies to make up for the royalty paid to the politician. Would also be interested to know if the orders are placed by different individuals or if a bulk order (thousands to hundreds of thousands of copies) is placed by 1 or few individuals/institutions.

  12. Very biased report almost all Democratic candidates are rich people except Bernie Sanders so what makes Biden's money different than others

  13. Weak Democrat Joe Biden millionaire doesn't give a rat's ass about the working people long as his pockets are lined with cash is a joke

  14. Regardless of his other income, politicians can make millions off of speeches to universities. Elizabeth Warren and Hillary Clinton earn quite a bit of their income the same way. Biden and his wife also “wrote” their books. “Wrote” is in quotations because I’m unsure if they wrote their books. Trump did not write the ‘Art of the Deal’ and that was a hit. Honestly, I don’t think it is wise to knock the guy that is trying to run against Trump. Most of you commenting are not a fan of Trump, myself included, but he is trying to stop the current administration, let the guy be and support him. Unfortunately, we live in a Republic and not a Democracy; our leaders are picked by the public, then they do the choosing.

  15. There should be a law against ex-public officials earning money from speaking engagements and appearances. Also, one slip of the tongue and national secrets can leak out.

  16. Biden is a liar..just like the rest of them…if elected, and I pray he is not, he would be no different than the Clintons' and Trump. It's all about money.

  17. Seems like these politicians become politicians just to get rich. What has Biden actually accomplished in decades as a politician?

  18. came here for unbiased news found one sided propaganda. unfortunate that cnbc has decided to display obvious opinionated content as factual news. It's a pitty these journalists don't understand the difference no better than fox news. can the facts just be given and people can make a judgement for themselves rather than the narrator so called journalist pollute this item with their own opinion and bias.

  19. It’s a system of indirect corruption, where “you take care of our interests now, and we’ll take care of you when you get out of office”. We’ll just funnel the money through some speaking fees so it looks legit. That’s why these lazy crooks go into politics in the first place, to get rich. Everyone threw in the towel on governing long ago.

  20. I think the important thing is that Joe came from humble beginnings. Just because he’s a millionaire now, doesn’t mean he’s forgotten the middle class and the poor.

    Just so that people don’t come on a witch-hunt, I don’t know about any shady moves he’s done. I personally don’t think I’ll be voting for Joe Biden yet.

  21. I don't care that he's rich I don't care that he made his share of wealth because that's what this country… At least he didn't make his money selling our country's uranium to Russia

  22. If you vote for Joe Biden, you deserve Trump. I guess America has to hit rock bottom before it gets clean.

  23. Sounds like the American dream. Made his money honestly. He’s not against people making money, just expect them to pay a fair rate of taxes.

  24. Be fair though Biden is great, and a damn sight better than trump. He is probably the only candidate who can defeat him now.

  25. Speak for the people? How about you live like the people. Drop your money. Live like us. Them I'm down for you to represent us.

  26. Jesus , lots of envious people here. Let the man enjoy his money. Stop crying and focus on making your own, like Trump did.

  27. People forget that politicians just like everything else, are a business, they're goal is power and money. Except they answer to no one and when their policies fail, they keep making money. Dangerous.


  29. Biden is corrupt as hell, along with Hunter his son, crooks with a capital C. Hopefully someones opposition research will expose these corrupt crooks and bring it to the surface. The obama administration was the most corrupt administration in history, it just hasn't came out yet, it will.

  30. Joe Biden is really a strange person.his son's are crooks. He would sell.out America for money.hes a male Hillary Clinton

  31. Joe Biden, you do not care for the middle class. the middle class all but disappeared while you were the vise-president. Joe Biden ,Barack Obama please shed some light on what you have done for America and middle class other than sat on your hands for 8 years.. all you care for is how much money you can put in your bank account.

    Joe Biden and Barack Obama PLEASE LIST ALL that was done to benefit the middle class: "YOU SIR HAVE DONE NOTHIN"

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