Posted on 09/07/2022 9:39:16 AM PDT by simpson96
According to President Biden’s tax return for last year, the first couple received a whopping $4,555 a month in Social Security benefits alone which put them well above what the average retired American brings home each month.
And that doesn’t include all of their other streams of income.
Social Security just celebrated its 87th birthday. It was signed into law in August 1935 and payouts began on Jan. 1, 1940. It has become the safety net for more than 48 million retired Americans and many depend on a monthly check from the agency to survive. The average Social Security check is $1,670.95, according to The Motley Fool.
According to President Biden’s tax return for last year, the first couple received a whopping $4,555 a month in Social Security benefits alone which put them well above what the average retired American brings home each month.
And that doesn’t include all of their other streams of income.
Social Security just celebrated its 87th birthday. It was signed into law in August 1935 and payouts began on Jan. 1, 1940. It has become the safety net for more than 48 million retired Americans and many depend on a monthly check from the agency to survive. The average Social Security check is $1,670.95, according to The Motley Fool.
A Gallup poll reports that 89 percent of surveyed retirees count on Social Security as a “major” or “minor” source of income. That means only one in 10 Americans aren’t reliant on Social Security income to get by during retirement. The Bidens are in that group.
The reliance on Social Security has provided a ripe opportunity for Biden and the left to fearmonger over it.
The Biden household’s taxable income for last year was $568,412. Many believe that their income on or off the books far exceeded that amount but that is the official filing number.
Ads by According to Biden’s tax return, which was jointly filed with his wife Jill Biden, the figure denoting Social Security income can be found on line 6a of Form 1040.
The Motley Fool reports that “Last year, the Biden’s claimed $54,665 in Social Security income on a joint basis, which works out to about $4,555 each month. Even taking into account that this $4,555 figure is the combination of Joe’s and Jill’s monthly payout, this is well above what the average retired worker brings home each month from Social Security.”
“Furthermore, with the U.S. inflation rate hitting a more than four-decade high of 9.1% in June, the 2023 cost-of-living adjustment (COLA) for Social Security should be sizable — i.e., the largest in decades. Following a 5.9% COLA that was passed along to beneficiaries in 2022, it wouldn’t be a surprise to see the Biden’s taking home well in excess of $60,000 a year, jointly, from Social Security come their 2023 federal tax filing,” the outlet noted.
The private financial and investing advice company went on to delve deeper into the numbers.
“According to archived tax returns, the adjusted gross incomes (AGIs) for the Bidens fluctuated between $210,797 and $407,009 from 1998 through 2016. The president and his wife brought home a staggering $11,031,309 in 2017 and $4,580,437 in 2018, on a combined basis.
10% please.
Not really enough for two people to live on in luxury, if you have no other income. But also, more money that a man worth 50-60 million should get. And he donated $15,000 to charity in recent years.
Puts my sister 750 a month check to shame.
I wonder if his presidential salary is being paid to his S corp?
Well, with $60K a year you can maybe buy what? groceries?
That payment has got to be mostly Jill’s. Shouldn’t his Senator pension (and future President’s, if he lives that long) disqualify him from receiving Social Security payments? He’s too old to even have to be on FERS.
um... so? I’ll collect more than that! what is the point?
Where did obama's fortune come from? Who really pays the "book royalties"?
So, “Dr Jill” didn’t get hit by the windfall provision?
I thought she was a teacher.
On a joint basis this doesn’t sound all that impressive. At 62 my wife and I are almost eligible for $4k a month combined.
His wife probably maxed the payments. Joe’s government money doesn’t get SS, but he’s a billion years old…so all of his other income probably maxed out most years.
Their combined SS is above average, but not “shocking.”
Wow.. that won’t pay the mortgage on his beach house..
Why would it matter how much someone is worth? Social Security is supposed to be a retirement program that you pay into with the promise of a return based upon the amount paid. If you want to means test it then it becomes another welfare program instead.
I loathe the Bidens but if they paid money into SS they should get the promised amount regardless of their net worth. I don’t want someone deciding I shouldn’t get the promised amount because I have more than they deem acceptable.
He probably didn’t collect until 70. Also he’s given max for many decades. Are you saying he shouldn’t get that. Trump probably gets close to that too. Plus a fat pension.
I bet congress exempt themselves from that little nuisance law.
Yet that is EXACTLY what happens if your income other than SS retirement benefits exceeds what the gov't deems you deserving of. Then your SS benefits begin to become progressively subject to income tax as well.
True, it’s already means tested to a certain extent which is wrong. You should get what you paid for, otherwise it’s just another welfare program.
From what I hear, CSRS is much, much better than FERS.
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