How Did Biden Make His Money

The claim: It's unclear how Joe Biden acquired his recent wealth since leaving office in 2017

Former Vice President Joe Biden's financial transparency, or lack of thereof, has become a hot button issue in the final days of the 2020 campaign. As Eric Trump used a false claim about Biden's home ownership to raise questions about the candidate's finances, other critics are digging into Biden's tax returns.

"Joe & Jill Biden's income went from $396,456 in 2016, To $16,596,979 in 2017-2019," The Lutchman Report posted on Facebook Oct. 17. "Anyone else want to know where that money is coming from?"

For many years, Biden has branded himself "Middle Class Joe" and was among the poorest members of Congress. While his upbringing and early political career were relatively modest compared to other politicians, Biden has acquired considerable wealth since leaving the White House at the end of the Obama administration.

However, this new wealth, gained through public speaking events and book deals, is traceable and not uncommon for someone in Biden's position.

Fact check:Joe Biden no longer owns house highlighted by Eric Trump in online posts

Biden's taxes reveal his earnings

Biden has made public his tax returns from the past 22 years, leaving little room for speculation.

"The American people deserve transparency from their leaders, it's why as of today, I've released 22 years of my tax returns," he tweeted on Sept. 29.

The documents show Biden and his wife, Jill, earned a total income of $396,552 in 2016. They also made a total of $16,603,421 in adjusted gross income between 2017 and 2019, more than $15.6 million of which was from speaking fees and book deals.

Jill Biden moves her husband, Democratic presidential candidate former Vice President Joe Biden, back from members of the media as he speaks outside his campaign plane at New Castle Airport in New Castle, Del., Monday. Biden left his home state to travel to Miami for campaign events.

More than $10 million of that total income was profits from Biden's memoir Promise Me, Dad and $3 million in profits from Jill Biden's book Where the Light Enters, USA TODAY reported.

Biden earned more than $4.29 million in speaking fees, and Jill Biden earned more than $700,000 in speaking fees, also according to USA TODAY.

The Bidens' tax returns, for 1998-2019, show they've made:

$215,432 in 1998
$210,797 in 1999
$219,953 in 2000
$220,712 in 2001
$227,811 in 2002
$231,375 in 2003
$234,271 in 2004
$321,379 in 2005
$248,459 in 2006
$319,853 in 2007
$269,256 in 2008
$333,182 in 2009
$379,178 in 2010
$379,035 in 2011
$385,072 in 2012
$408,733 in 2013
$388,844 in 2014
$392,279 in 2015
$396,552 in 2016
$11,037,751 in 2017
$4,580,437 in 2018
$985,233 in 2019

Biden's campaign has yet to return USA TODAY's request for comment.

Fact check:Viral video of Joe Biden on running for Senate is missing context

A history of presidents and vice presidents increasing their wealth after leaving office

It is not unusual for former vice presidents and presidents to profit after leaving office.

"Historically, the presidency acts like an elevator, taking officeholders from lower to higher tiers of wealth, often beginning immediately upon leaving the Oval Office," American University wrote in 2017.

According to American University, every one of the last eight presidents has significantly increased their net worth after leaving office.

Former President Barack Obama waves during a family vacation with Michelle Obama and daughters Malia and Sasha in Avignon in the south of France, on June 16, 2019.

President Barack Obama and Michelle Obama entered the White House with $1.3 million in 2008 and earned at least $40 million, from speaking fees and book deals by 2018, according to one estimate.

However, the Obamas' recent projects have likely increased their net worth significantly.

Both spouses signed a joint book deal in 2017 with an advance reportedly worth $65 million. The former president has yet to release his book, which is expected on shelves in November, but his wife's memoir earned an estimated $36 million in 2019.Becomingwas the bestselling book of 2018, launched a 10-city book tour and inspired a documentary as part of the Obamas' multiyear partnership with Netflix. In July, she debuted a new podcast in partnership with Spotify.

American University estimates the Obamas' fortune could one day amount to $242 million.

Our rating: Partly false

It is true that Joe and Jill Biden have amassed a significant fortune through speaking fees and book deals since he left office in 2017. But, the couple's tax returns show how they acquired wealth in the past three years. We rate this claim PARTLY FALSE, because some of it was not supported by our research.

Our fact-check sources:

The Lutchman Report, Oct. 17, Facebook post
The Washington Post, June 25, 2019, "Once the poorest senator, 'Middle Class Joe' Biden has reaped millions in income since leaving the vice presidency"'"
Joe Biden, Sept. 29, tweet
Bidens' 2016 tax return
Bidens' 2017 tax return
Bidens' 2018 tax return
Bidens' 2019 tax return
CNN, Sept. 29, "Biden paid nearly $300,000 in federal income taxes in 2019"
USA TODAY, July 9, 2019, "Joe Biden and wife made more than $15 million since leaving Obama administration"
taxnotes, "Presidential Tax Returns"
Bidens' 1998 tax return
Bidens' 1999 tax return
Bidens' 2000 tax return
Bidens' 2001 tax return
Bidens' 2002 tax return
Bidens' 2003 tax return
Bidens' 2004 tax return
Bidens' 2005 tax return
Bidens' 2006 tax return
Bidens' 2007 tax return
Bidens' 2008 tax return
Bidens' 2009 tax return
Bidens' 2010 tax return
Bidens' 2011 tax return
Bidens' 2012 tax return
Bidens' 2013 tax return
Bidens' 2014 tax return
Bidens' 2015 tax return
American University, Jan. 9, 2017, "How Presidents Make Their Millions"
Business Insider, Aug. 4, "The Obamas are worth at least $40 million — take a look at how they make and spend their money"
Forbes, Dec. 20, 2019, "World's Highest-Paid Authors 2019: J.K. Rowling Back On Top With $92 Million"
USA TODAY, Sept. 17, "Obama announces first presidential memoir, 'A Promised Land,' is coming in November"
USA TODAY, Apr. 27, "Michelle Obama announces new Netflix documentary 'Becoming,' gives coronavirus pep talk"
USA TODAY, July 16, "Listen up! Michelle Obama reveals she is launching a Spotify podcast"
PolitiFact, Sept. 10, "Fact-checking Joe Biden's claim about his own income"

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