Do you know how much the US president earns? Let us figure it out using the example of Joseph Biden Jr.’s political career. The current president began his political career back in 1972. In 2020, he won the election and became the oldest head of the US. How much money has the new US president earned before 2022?
The poorest congressman
For 36 consecutive years, the current chief of state had been a senator from Delaware. During all this time, he was considered the poorest congressman. Biden’s salary was about 42 thousand dollars a year. Moreover, every day, he independently traveled to his Washington office on a commuter train for his money. Therefore, in Congress, he was nicknamed a Middle-Class Joe. And although Biden was very offended by his colleagues, he never showed it. That is why he achieved everything in life on his own.
Has Biden already pocketed good cash?
From 1998 to 2022, the future US president earned $23.2 million from work in Congress. Since 1998, he and his wife also receive income from teaching, and since 2009, they have received a federal pension. While the currently elected head of a country taught at the University of Pennsylvania from 2017 to 2019, he managed to earn about $16 million.
In 2017, Joe Biden made good money by speaking at various events. His wife, Jill Biden, is also a professor at Penn. In 2018, a book authored by Biden went on sale. Overall, his family earned $11.4 million in 2017 and more than $4.5 million in 2018.
At the end of 2019, according to Forbes magazine, the fortune of the Biden family was estimated at $9.2 million. This value is the sum of the price of the two homes they own ($4 million each) plus free cash and investments including a federal pension. In total, over 22 years, Joe Biden paid about $6.8 million in taxes. Additionally, the Biden family spends a lot of money on charity. To sum up, for 22 years, they donated about $1.6 million to various funds.
How much does Biden get as the head of state?
Currently, as the elected chief of the country, Biden receives a $400,000 annual salary, the same as previous presidents since 2001. In addition, the President receives an extra $50,000 for serving as a Commander-in-Chief of the US Armed Forces.
Briefly about the head of state
Biden was born in 1942 in Pennsylvania. He began his political career in 1972 when he was elected a Delaware state senator. By the way, at that time, the future US head of state was one of the several ever-elected young statesmen.
Until 2008, the 46th chief of the country remained in office as a legislator. In 2008, after winning the presidential election, B. Obama appointed Biden his Vice President. When D. Trump occupied the White House, Biden began teaching at Penn. In November 2020, Biden became the 46th elected head of the country, defeating his rival Donald Trump by a relatively narrow margin.