Last year we learned that President Trump has paid less than $750 in taxes (open in new tab) over the past several years and that he and his company have debts (open in new tab) that may exceed $1 billion. This is in stark contrast to current President Joe Biden, once called "the poorest man in Congress." Certainly President Biden is wealthy by all accounts, but his net worth and how he came by it is much easier to track, especially since he has released his tax returns every year for over a decade, including his time as vice president and now as president. With a family history that spans both wealth and hardship, Biden spent many years as a "middle-class Joe" before attaining his current net worth.

Biden's current net worth is reported to be $9 million, a significant increase from earlier in his career. This figure is estimated from Forbes and calculated in 2019, with a combined portfolio of $4 million in real estate (President Biden and First Lady Dr. Jill Biden own two homes in Delaware), $4 million worth of cash/investments, and over $1 million in federal pensions ( open in new tab).

Before President Biden took office, the Bidens released their 2016-2018 tax returns (opens in new tab), showing that they paid about one-third of their income in taxes in 2017 and 2018 ($3.7 million and $1.5 million, respectively), made significant charitable donations to organizations ($1 million and $275,000, respectively), and that it made significant charitable donations in 2017 and 2018 ($1 million and $275,000, respectively).

On May 17, 2021, President Biden and Dr. Jill Biden released their 2020 tax returns, reporting federal adjusted gross income of $607,336 and tax payments of $157,414. Details of their recent tax returns can be found here (opens in new tab). Vice President Kamala Harris is also estimated to have income of approximately $6.3 million. (opens in new tab) She also released her and Second Gentleman Doug Emhoff's 2020 tax returns.

Joe Biden Sr. (opens in new tab), who had a profound influence on his son, was born into a wealthy family; his father owned a division of American Oil. However, Joe Sr. started out as an entrepreneur, but the business failed repeatedly and, according to his son's memoirs, the family fell into poverty (at one point, the children were sent to live with their grandmother). Joe Sr. eventually found work in auto sales, and the family settled in Delaware. Joe Jr. completed a work-study program to attend the prestigious Archmere Academy in Claymont.

After marrying his first wife, Neria (opens in new tab), President Biden began working in a law firm and later became one of the youngest senators ever elected, with a starting salary of about $42,500 per year ($250,000 in current inflation-adjusted dollars). He began releasing his tax returns in 1998. Dr. Biden's work at the community college also contributes to her overall salary. She has worked as an educator for more than 30 years (opens in new tab).In 2009, Biden's Senatorial salary was $169,300, followed by President Obama's salary as Vice President, which averaged about $225,000 annually.

When President Biden officially completed his term as vice president, he filed a financial disclosure form, listing his net worth between $897,000 and $489,000. As vice president, he earned approximately $225,000 annually. But over the next two years, the couple apparently earned more than $15 million (open in new tab) from speaking fees, book tours (both they published memoirs), and leadership at the Penn Biden Center for Diplomacy and Global Engagement at the University of Pennsylvania. As a result, the Bidens were able to donate more, pay off one of their mortgages, pay off a line of credit for one of their sons, and purchase new land in Rehoboth Beach.

Under U.S. law, the president must be paid a salary while in office. In 2001, Congress increased the presidential salary (open in new tab) from $200,000 to $400,000 and added a $50,000 annual contingency allowance. The president also receives $100,000 in tax-free travel expenses and $19,000 in entertainment expenses. The presidential salary is taxable, but other additional expenses are tax-free.

Dr. Biden plans to continue teaching while serving as First Lady. 'When I go to the White House, I'm going to keep teaching,' she told CBS Sunday Morning (opens in new tab) last August. 'It's important, and I want people to appreciate teachers, to know their contributions, and to elevate the profession.' This makes her the only first lady (opens in new tab) with a paid job and a Ph.