Page 1 of 3 123 LastLast
Results 1 to 15 of 39

Thread: Joe Biden's tax returns released; show modest wealth

  1. #1
    Elite Member Penny Lane's Avatar
    Join Date
    Nov 2005
    Location
    Over the hills and far away
    Posts
    21,646

    Default Joe Biden's tax returns released; show modest wealth

    Biden's Tax Returns Show Modest Wealth


    The Obama campaign released 10 years of Sen. Joe Bidenís tax returns today. You can see them here. As the returns show, Biden makes a relatively modest income compared to his Senate colleagues.

    There are a few reasons for this: Neither Biden nor his wife, Jill, with whom he filed jointly, have enormous personal wealth. Jill is a teacher Ė not a high-paying job. And Biden has been in the Senate for almost his entire working career, unlike many of his colleagues who have worked in the private sector for a larger paycheck.

    Joint income between Biden and his wife Jill rose from $215,000 to $249,000 between 1998 and 2006. These numbers reflect the total of Joe Biden's Senate salary, his Widener University School of Law teaching salary, and Jill Biden's teaching salary.

    The Bidens give little to charity. 2007, in which they donated $995, was their most generous year, though in other years Biden donated honoraria from talk shows which were valued at higher amounts.

    The Bidens make almost no money each year from dividends or interest. They deduct only state/local taxes, mortgage interest and what he donates to charity. 2003 was the last year they claimed a dependent child -- their daughter, Ashley.

    Under the Obama tax plan, Bidenís taxes would go up because of his tax bracket. To see how, check out the CBS Evening News video on how the Obama and McCain tax plans differ here.

    As Politico notes, the release of Biden's tax returns is at least in part a move to pressure GOP vice presidential nominee Sarah Palin to do the same; Palin has faced some questions about her personal income after reports that she billed the state for nights she spent at home. Republicans, meanwhile, are agitating for Biden to release past earmark requests.

    Hereís a breakdown on the numbers from CBS News Political Director Steve Chaggaris:

    1998
    Joseph R. and Jill T. Biden joint tax return

    Total income: $215,432 ($136,700 - Joe Biden's Senate salary, $17,800 - Joe Biden's teaching job, according to previously released financial disclosure forms)
    Alternative Minimum Tax: $0
    Deductions: $20,195 in state/local/real estate taxes; $52,065 home mortgage interest from Sun National Bank, Wilmington, Del.; $195 "Gifts to Charity"
    Interest: $4,604 from various sources, the two largest being the U.S. Treasury ($3,220) and the State of Delaware ($1,100)

    1999
    Joseph R. and Jill T. Biden joint tax return

    Total income: $210,797 ($49,769 - Jill Biden's teaching job; $20,500 - Joe Biden's teaching job; $136,700 - Joe Biden's Senate salary)
    AMT: $0
    Deductions: $14,764 in state/local/real estate taxes; $35,875 home mortgage interest; $120 "Gifts to Charity"
    (According to his financial disclosure form filed with the Senate, he also donated $2,000 in speaking honoraria to charity)

    2000
    Joseph R. and Jill T. Biden joint tax return

    Total income: $219,953 ($141,300 - Joe Biden's Senate salary, $20,500 - Joe Biden's teaching job, according to previously released financial disclosure forms)
    AMT: $0
    Deductions: $15,085 in state/local/real estate taxes; $38,123 home mortgage interest; $360 "Gifts to Charity"
    Capital Gains: -$1 (sold 8 shares of Compaq for $214, cost basis of $215)
    (According to his financial disclosure form filed with the Senate, he also donated $2,000 in speaking honoraria to charity)

    2001
    Joseph R. and Jill T. Biden joint tax return

    Total income: $220,712 ($145,100 - Joe Biden's Senate salary, $19,133 - Joe Biden's teaching job, according to previously released financial disclosure forms)
    AMT: $0
    Deductions: $15,574 in state/local/real estate taxes; $38,753 home mortgage interest; $360 "Gifts to Charity"

    2002
    Joseph R. and Jill T. Biden joint tax return

    Total income: $227,811 ($58,124 - Jill Biden's teaching job; $21,867 - Joe Biden's teaching job; $147,534 - Joe Biden's Senate salary)
    AMT: $0
    Deductions: $16,044 in state/local/real estate taxes; $37,373 home mortgage interest; $260 "Gifts to Charity"
    Interest: $30 from various sources

    2003
    Joseph R. and Jill T. Biden joint tax return

    Total income: $231,375 ($58,672 - Jill Biden's teaching job; $20,500 - Joe Biden's teaching job; $151,964 - Joe Biden's Senate salary)
    AMT: $0
    Deductions: $16,834 in state/local/real estate taxes; $39,790 home mortgage interest; $260 "Gifts to Charity"
    Interest: $21 from various sources
    (According to his financial disclosure form filed with the Senate, he also donated $800 in honoraria from Bill Maher's show to charity)

    2004
    Joseph R. and Jill T. Biden joint tax return

    Total income: $234,271 ($58,078 - Jill Biden's teaching job; $20,500 - Joe Biden's teaching job; $155,165 - Joe Biden's Senate salary)
    AMT: $0
    Deductions: $17,333 in state/local/real estate taxes; $32,036 home mortgage interest; $380 "Gifts to Charity"
    Interest: $129 from various sources
    (According to his financial disclosure form filed with the Senate, he also donated $1,000 in honoraria from Turner Classic Movies show to charity)

    2005
    Joseph R. and Jill T. Biden joint tax return

    Total income: $321,379 ($81,250 from "Sterling Lord Literistics"; $60,509 - Jill Biden's teaching job; $20,500 - Joe Biden's teaching job; $159,031 - Joe Biden's Senate salary)
    AMT: $1,299
    Deductions: $23,573 in state/local/real estate taxes; $35,629 home mortgage interest; $380 "Gifts to Charity"
    Interest: $89 from various sources

    2006
    Joseph R. and Jill T. Biden joint tax return

    Total income: $248,459 ($66,204 - Jill Biden's teaching job; $20,500 - Joe Biden's teaching job; $161,675 - Joe Biden's Senate salary)
    AMT: $1,158
    Deductions: $21,790 in state/local/real estate taxes; $38,724 home mortgage interest; $380 "Gifts to Charity"
    Interest: $80 from various sources
    (According to his financial disclosure form filed with the Senate, he also donated $800 in honoraria from Bill Maher's show to charity)

    2007
    Joseph R. and Jill T. Biden joint tax return

    Total income: $319,853 ($71,000 income from royalties from his book; $66,546 - Jill Biden's teaching job; $20,500 - Joe Biden's teaching job; $161,708 - Joe Biden's Senate salary)
    AMT: $2,721
    Deductions: $26,516 in state/local/real estate taxes; $38,712 home mortgage interest; $995 "Gifts to Charity"
    Interest: $99 from various sources
    (According to his financial disclosure form filed with the Senate, he also received a $112,500 book advance from Random House and he donated $1,025 in honoraria from TV personalities David Letterman and Bill Maher to charity)

    Biden's Tax Returns Show Modest Wealth - Horserace

    Not exactly modest by many Americans standards, but it's less than some of his Senatorial counterparts earn.

  2. #2
    Elite Member msdeb's Avatar
    Join Date
    Feb 2006
    Location
    in a van down by the river
    Posts
    39,431

    Default

    jeez i wish i had that much of a modest income
    Basic rule of Gossip Rocks: Don't be a dick.Tati
    Lighten Up Francis WCG

  3. #3
    Elite Member
    Join Date
    May 2008
    Posts
    4,250

    Default

    It is modest in comparison with McCain's or even Obama's.

  4. #4
    Elite Member kingcap72's Avatar
    Join Date
    May 2007
    Location
    10 miles from Pootie Tang
    Posts
    21,909

    Default

    Hell, I wish I was pulling in that 'modest' kind of money. But considering that the Clintons pulled in over 100 million since 2000, Biden looks poor in comparison.

  5. #5
    Elite Member *DIVA!'s Avatar
    Join Date
    Nov 2007
    Posts
    15,742

    Default

    That's fucked up... about what little they pay teachers..goes to show that they are doing it because they care..very noble.
    Baltimore O's ​Fan!

    I don''t know if she really fucked the board though. Maybe just put the tip in. -Mrs. Dark

  6. #6
    Elite Member lurkur's Avatar
    Join Date
    Dec 2005
    Posts
    5,351

    Default

    Jill Biden must have a part-time gig @ 20K/year for teaching, especially if she's been teaching for her whole career.

  7. #7
    Gold Member laynes's Avatar
    Join Date
    Oct 2007
    Location
    What's round on the ends and high in the middle?
    Posts
    1,360

    Default

    Where in the world does Jill Biden teach? I'm a teacher and if I made that I'd still be living at home. Yep.. must be part time!

    And Diva, you're right.. most of aren't doing it for the money. I love my little rug rats!

    Another reason to like Jill Biden!



  8. #8
    Elite Member qwerty's Avatar
    Join Date
    Nov 2007
    Posts
    6,671

    Default

    Biden's teaching salary is part time hence its paucity. Jill made almost $67,000 in 2007 which is hardly chump change as far as teaching salaries go.

    I like the fact that his income is "modest" relative to other politicians. His lack of capitalist pursuits means perhaps he's not padding the pockets of boardroom cronies with skewed policies and that he might be a politician for the right reasons - to serve the best interests of the people of his state and country. Novel concept.

  9. #9
    Elite Member KristiB's Avatar
    Join Date
    Oct 2005
    Location
    AZ
    Posts
    2,852

    Default

    Quote Originally Posted by laynes View Post
    Where in the world does Jill Biden teach? I'm a teacher and if I made that I'd still be living at home. Yep.. must be part time!
    I think you're looking at Joes salary.

    $66,546 - Jill Biden's teaching job; $20,500 - Joe Biden's teaching job; $161,708 - Joe Biden's Senate salary)

    She teaches English composition at a community college.

    Joe does teach part time.

  10. #10
    Gold Member laynes's Avatar
    Join Date
    Oct 2007
    Location
    What's round on the ends and high in the middle?
    Posts
    1,360

    Default

    Quote Originally Posted by KristiB View Post
    I think you're looking at Joes salary.

    $66,546 - Jill Biden's teaching job; $20,500 - Joe Biden's teaching job; $161,708 - Joe Biden's Senate salary)

    She teaches English composition at a community college.
    I sure was.. thanks!



  11. #11
    Elite Member KristiB's Avatar
    Join Date
    Oct 2005
    Location
    AZ
    Posts
    2,852

    Default

    Quote Originally Posted by laynes View Post
    I sure was.. thanks!
    Yea! Glad to know you wouldn't need to live at home at $67K a year

  12. #12
    Gold Member laynes's Avatar
    Join Date
    Oct 2007
    Location
    What's round on the ends and high in the middle?
    Posts
    1,360

    Default

    Quote Originally Posted by KristiB View Post
    Yea! Glad to know you wouldn't need to live at home at $67K a year

    Exactly!



  13. #13
    Elite Member KristiB's Avatar
    Join Date
    Oct 2005
    Location
    AZ
    Posts
    2,852

    Default

    I guess the McCain camp can't use the "elitist" tag for the Obama/Biden ticket.

  14. #14
    Elite Member lurkur's Avatar
    Join Date
    Dec 2005
    Posts
    5,351

    Default

    Quote Originally Posted by KristiB View Post
    I think you're looking at Joes salary.

    $66,546 - Jill Biden's teaching job; $20,500 - Joe Biden's teaching job; $161,708 - Joe Biden's Senate salary)

    She teaches English composition at a community college.

    Joe does teach part time.
    DUH! hee hee hee. I guess I need her to come over and teach me how to read better

    The sad thing is that most of us realize that 20K for part-time teaching is normal!!

  15. #15
    Elite Member sluce's Avatar
    Join Date
    Oct 2005
    Location
    Top Secret Spy for Leann Rimes
    Posts
    37,330

    Default

    Joe teaches a law class at Widener Law School in Wilmington Del every Saturday. I guess he has to give that up now.

Page 1 of 3 123 LastLast

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Modest swimwear
    By Martirio in forum Laughs and Oddities
    Replies: 21
    Last Post: December 20th, 2009, 02:14 AM
  2. Why Joe Biden's plagiarism shouldn't be forgotten
    By witchcurlgirl in forum U.S. Politics and Issues
    Replies: 30
    Last Post: August 26th, 2008, 06:25 PM
  3. Replies: 12
    Last Post: August 4th, 2008, 12:36 PM
  4. A dangerous obsession on the world's wealth
    By JamieElizabeth in forum U.S. Politics and Issues
    Replies: 5
    Last Post: December 28th, 2006, 03:36 PM
  5. Robbie Williams' wealth stops him finding love
    By MaryJane in forum Gossip Archive
    Replies: 3
    Last Post: December 13th, 2005, 10:57 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •