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| Joe Biden’s Tax Returns Show at Least $15 Million in Income After 2016 | Joe Biden’s Tax Returns Show at Least $15 Million in Income After 2016 |
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| Over his long career in politics, Joseph R. Biden Jr. established his everyman bona fides by citing his status as the poorest member of the Senate and referring to himself as “Middle-Class Joe.” But Mr. Biden’s financial fortunes have substantially improved since his time as vice president, as he and his wife earned more than $15 million in the first two years after he left office. | Over his long career in politics, Joseph R. Biden Jr. established his everyman bona fides by citing his status as the poorest member of the Senate and referring to himself as “Middle-Class Joe.” But Mr. Biden’s financial fortunes have substantially improved since his time as vice president, as he and his wife earned more than $15 million in the first two years after he left office. |
| Thanks to six-figure speaking engagements and a lucrative deal to write a set of books, Mr. Biden is now firmly a member of the millionaires’ club among the Democratic contenders for the presidency, according to a new financial disclosure report and his most recent tax returns, which the Biden campaign released Tuesday. | Thanks to six-figure speaking engagements and a lucrative deal to write a set of books, Mr. Biden is now firmly a member of the millionaires’ club among the Democratic contenders for the presidency, according to a new financial disclosure report and his most recent tax returns, which the Biden campaign released Tuesday. |
| Mr. Biden and his wife, Jill, appeared to earn far more than any of his major Democratic opponents in the last two years. Their adjusted gross income in 2017 was about $11 million, and they earned about $4.6 million in 2018, the tax returns show. Among Mr. Biden’s major rivals, Senator Kamala Harris of California and her husband reported the next-highest income in that period, earning $3.4 million over those two years. | |
| On the financial disclosure report, the Bidens reported current assets worth between $2.2 million and $8 million, up from the range of $303,000 to just over $1 million that he reported when his second term as vice president ended in January 2017. | |
| In a crowded field of Democratic presidential rivals, many of whom are rolling out policies to address income inequality and channeling anger toward corporate America, being ranked among the millionaires amounts to an unwanted title. | In a crowded field of Democratic presidential rivals, many of whom are rolling out policies to address income inequality and channeling anger toward corporate America, being ranked among the millionaires amounts to an unwanted title. |
| For Mr. Biden, 76, it could be a particularly thorny issue. He has spent decades carefully crafting his image as a relatable figure, often referring to his hardscrabble roots in Scranton, Pa., and working-class childhood in Delaware, and seeming at home with union voters in the industrial Midwest. Now a millionaire himself, Mr. Biden is likely to face the uncomfortable claim that he is suddenly out of step with the voters he covets. | For Mr. Biden, 76, it could be a particularly thorny issue. He has spent decades carefully crafting his image as a relatable figure, often referring to his hardscrabble roots in Scranton, Pa., and working-class childhood in Delaware, and seeming at home with union voters in the industrial Midwest. Now a millionaire himself, Mr. Biden is likely to face the uncomfortable claim that he is suddenly out of step with the voters he covets. |
| Certainly, Mr. Biden is not alone: His three closest rivals in the polls — Ms. Harris, Senator Bernie Sanders of Vermont and Senator Elizabeth Warren of Massachusetts — are all millionaires, too. The latest Democrat to enter the race, Tom Steyer, is a billionaire former hedge fund investor. And President Trump openly discusses his wealth, yet he still enjoyed support from blue-collar and union workers in 2016. | |
| Since leaving office, Mr. Biden and his advisers have created nonprofits and academic centers, and he has held a professorship at the University of Pennsylvania. | Since leaving office, Mr. Biden and his advisers have created nonprofits and academic centers, and he has held a professorship at the University of Pennsylvania. |
| Mr. Biden has also given dozens of paid speeches, including to universities and business leaders. The New York Times reported in January that he had received $200,000 to address a Republican-leaning audience at the Economic Club of Southwestern Michigan, a business-minded civic organization. Mr. Biden’s speeches would have likely netted him between $4 million and $5 million in fees if he had charged comparable amounts for each that he has given since leaving office. | Mr. Biden has also given dozens of paid speeches, including to universities and business leaders. The New York Times reported in January that he had received $200,000 to address a Republican-leaning audience at the Economic Club of Southwestern Michigan, a business-minded civic organization. Mr. Biden’s speeches would have likely netted him between $4 million and $5 million in fees if he had charged comparable amounts for each that he has given since leaving office. |
| In 2017, he and his wife signed a three-book deal with Flatiron Books, which was reported to be worth $8 million. After the announcement, they purchased a six-bedroom vacation house in Rehoboth Beach, Del., for $2.7 million. | In 2017, he and his wife signed a three-book deal with Flatiron Books, which was reported to be worth $8 million. After the announcement, they purchased a six-bedroom vacation house in Rehoboth Beach, Del., for $2.7 million. |
| Mr. Biden’s newfound wealth has not changed his message. In his first remarks during last month’s Democratic debate, Mr. Biden spoke of “enormous income inequality” and promised to eliminate Mr. Trump’s “tax cuts for the wealthy.” | Mr. Biden’s newfound wealth has not changed his message. In his first remarks during last month’s Democratic debate, Mr. Biden spoke of “enormous income inequality” and promised to eliminate Mr. Trump’s “tax cuts for the wealthy.” |
| “Ordinary middle-class Americans built America,” Mr. Biden said. “My dad used to have an expression — he said, ‘Joe, a job is about a lot more than a paycheck; it’s about your dignity, it’s about respect, it’s being able to look your kid in the eye and say everything’s going to be O.K.’” | “Ordinary middle-class Americans built America,” Mr. Biden said. “My dad used to have an expression — he said, ‘Joe, a job is about a lot more than a paycheck; it’s about your dignity, it’s about respect, it’s being able to look your kid in the eye and say everything’s going to be O.K.’” |
| But in contrast to some of his more progressive rivals, who have sought distance from wealthy donors — or have at least played down their reliance on them — Mr. Biden is open about his frequent high-dollar fund-raising events, which are covered by the news media. He raised $21.5 million since entering the race at the end of April, his campaign said last week — less than Mayor Pete Buttigieg of South Bend, Ind., raised in the second quarter of the year, but still outpacing other top rivals. | But in contrast to some of his more progressive rivals, who have sought distance from wealthy donors — or have at least played down their reliance on them — Mr. Biden is open about his frequent high-dollar fund-raising events, which are covered by the news media. He raised $21.5 million since entering the race at the end of April, his campaign said last week — less than Mayor Pete Buttigieg of South Bend, Ind., raised in the second quarter of the year, but still outpacing other top rivals. |
| According to the campaign, which sought to emphasize Mr. Biden’s appeal to small-dollar donors, the average donation was $49. | According to the campaign, which sought to emphasize Mr. Biden’s appeal to small-dollar donors, the average donation was $49. |
| As Mr. Biden grew his personal wealth during his time away from elective office, he saw how Hillary Clinton’s 2016 presidential bid faced withering attacks over claims that she and her husband had cashed in on their public service as they made tens of millions of dollars giving speeches, consulting and writing books. | As Mr. Biden grew his personal wealth during his time away from elective office, he saw how Hillary Clinton’s 2016 presidential bid faced withering attacks over claims that she and her husband had cashed in on their public service as they made tens of millions of dollars giving speeches, consulting and writing books. |
| Mr. Biden tried to toe the line of making money off his celebrity while also not damaging a future presidential bid. | Mr. Biden tried to toe the line of making money off his celebrity while also not damaging a future presidential bid. |
| Most of Mr. Biden’s paid speeches have been in conjunction with a tour to promote “Promise Me, Dad,” a best-selling 2017 book about the final year of his son Beau’s life, Mr. Biden’s spokesman told The New York Times for an article this year. | Most of Mr. Biden’s paid speeches have been in conjunction with a tour to promote “Promise Me, Dad,” a best-selling 2017 book about the final year of his son Beau’s life, Mr. Biden’s spokesman told The New York Times for an article this year. |
| Presidential candidates are required to file financial disclosure reports with the government, giving voters a view into their assets, income and debts. Some of Mr. Biden’s rivals have disclosed considerable wealth, including book deals, in their filings. | Presidential candidates are required to file financial disclosure reports with the government, giving voters a view into their assets, income and debts. Some of Mr. Biden’s rivals have disclosed considerable wealth, including book deals, in their filings. |
| According to recent figures from the Center for Responsive Politics, Ms. Warren reported a net worth between $4.9 million and $11 million; Ms. Harris reported a range of $1.9 million to $6 million; and Mr. Sanders disclosed a range between $729,030 and $1.8 million. (Mr. Sanders also acknowledged in April that he was a millionaire.) |