President’s Pockets Not As Deep As You’d Think—Inside The 'Biden Bucks' Breakdown

By Javier Sanchez | Friday, 17 May 2024 08:30 PM
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Image Credit : People Magazine

The financial records of President Joe Biden and First Lady Jill Biden reveal a personal debt of up to $815,000, largely attributed to their Delaware home's mortgage and an equity loan on the same property.

The couple's liabilities also include a term loan of approximately $15,000 and a loan against a mutual fund for about $50,000.

The Bidens' assets, as reported on an Office of Government Ethics form, range between $1 million and $2.6 million, while their liabilities fall between $350,000 and $850,000. These figures are presented in ranges rather than precise amounts, as per the form's requirements.

The Ethics in Government Act mandates the annual public disclosure of the financial records of the President, Vice President, and their spouses. This legislation aims to prevent any potential conflicts of interest.

President Biden's disclosure form reveals that he has received no royalties from his two books, 'Promises to Keep' and 'Promise Me, Dad,' this year. Conversely, First Lady Jill Biden reported royalties of up to $1,000 from her two children's books, 'Don't Forget: God Bless Our Troops' and 'JOEY: The Story of Joe Biden.' However, she reported no royalties for her memoir 'Where the Light Enters.'

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The First Lady, who has been a professor at Northern Virginia Community College since 2009, also reported receiving a salary from the institution, although the exact amount was not disclosed. She is also set to release another children's book, 'Willow the White House Cat,' in July, which offers a glimpse into life at the executive mansion from the perspective of the family pet.

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The White House released these financial documents for the Bidens, as well as for Vice President Kamala Harris and her husband Doug Emhoff, on Wednesday.

In contrast, President Biden's predecessor, Donald Trump, has not made a comparable disclosure. Trump's finances have been a subject of media attention due to several ongoing legal cases, including a hush-money case in New York.

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President Biden's liabilities include a mortgage on his personal home with a balance between $250,001 and $500,000. The mortgage, obtained from TD Bank in 2013, carries an interest rate of 3.375%. In 2022, Biden took out a home-equity loan with a variable interest rate and a 10-year term, which increased from $15,001 to $50,000 to a range of $100,000 to $250,000.

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The President also reported having less cash in the bank than in the previous year. One of his bank accounts showed a decrease in cash from $250,000 to $500,000 last year to $50,000 to $100,000 this year. Another account reported a drop from $100,000 to $250,000 a year earlier to $50,000 to $100,000 in cash.

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Meanwhile, Vice President Harris disclosed that she received tickets to Beyonce's 2023 concert in Washington D.C., valued at $1,655.92, as a gift. She and Emhoff also reported that ESPN gifted them tickets worth $1,890 to a football game between Howard University and Florida A&M. Harris is an alumnus of Howard University.

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Emhoff reported income from Georgetown University, where he teaches a class, but did not disclose the amount. He also reported several investments, likely linked to his tenure as a partner at DLA Piper, a position he left when Harris was elected Vice President.

Unlike Harris, President Biden reported no gifts in his disclosure.

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