Biden for President Makes Public Vice President Biden’s Financial Disclosure Form and Tax Returns

Today, Biden for President made public Vice President Joe Biden’s financial disclosure form (OGE Form 278), as well as tax returns for 2016-2018. Today’s releases, in combination with the ten years of taxes he released during the campaign in 2008 and his regular release as Vice President, mean that Vice President Biden has now made public the last 21 years of tax returns – more than any other candidate currently running for president.

After leaving office in 2017, Vice President Biden pledged to remain engaged on the issues that have animated his career. In the two years between the end of the Obama-Biden Administration and the announcement of his candidacy for president, he did exactly that, working with a variety of institutions to generate ideas on how we can help rebuild the American middle class, strengthen American global leadership, and end cancer as we know it.

During that time Vice President Biden earned income as the University of Pennsylvania Benjamin Franklin Presidential Practice Professor, through sales of his 2017 book Promise Me, Dad, and through select public speaking events, including literary events around the book release, subscription-based speakers series, and university events funded by dedicated funds or endowments. Every one of his speaking engagements was public, and more than half were also open to the press.

Vice President Biden pledged after leaving office that if he were to become a candidate for higher office, he would make available his tax returns, financial interests, and other information that used to be, and should once again become, commonplace among candidates for President of the United States – including the current occupant of that office.

The documents are available at https://go.joebiden.com/financialdisclosure and here:

2016 Federal Tax Return
2016 Delaware Tax Return
2017 Federal Tax Return
2017 Delaware Tax Return
2018 Federal Tax Return
2018 Delaware Tax Return
OGE Form 218e

Tax Returns & Financial Disclosure

The Bidens’ joint tax returns reflect the following income and charitable giving: 

In 2016, the Bidens’ income was primarily attributable to Vice President Biden’s salary as Vice President and Dr. Biden’s salary as a Professor at Northern Virginia Community College.

In 2017 and 2018, Dr. Biden continued to be employed as a Professor at Northern Virginia Community College, for which she earned $90,132 (in 2017) and $94,705 (in 2018). Vice President Biden was named the Benjamin Franklin Presidential Practice Professor at the University of Pennsylvania, for which he earned $371,159 (in 2017) and $405,368 (in 2018).

The majority of the couple’s 2017 and 2018 income--specifically, $10,048,739 (in 2017) and $3,236,764 (in 2018)--is attributable to book payments for the writing of Promise Me, Dadand Where the Light Enters and to paid speaking engagements. These amounts were paid to Vice President Biden and Dr. Biden through their respective S-Corporations, known as CelticCapri and Giacoppa. Both Vice President Biden and Dr. Biden employed staff and engaged contractors to support their respective work through their S-Corporations. 

• S-Corporations are a common method for taxpayers who have outside sources of income to consolidate their earnings and expenses. The income, losses, and deductions flow through to the taxpayer’s personal income tax returns, meaning the taxpayer (here, the Bidens), rather than the S-Corporation, pays the taxes on the income earned.   

Following a comprehensive review of the Bidens’ tax filings for 2016 through 2018, the returns for tax years 2017 and 2018 were amended. The 2017 return inadvertently double-counted a charitable contribution (a $3,000 donation to the Tragedy Assistance Program for Survivors) and failed to include the W-2 income and associated withholdings from the final three weeks of the Vice Presidency. The 2017 return was amended to address these issues, and required $1,666 in additional tax payments ($1,118 attributable to the double-counted contribution, and $478 attributable to the omission of the W-2 income and associated withholdings). The 2018 return included a deduction for a $25,000 contribution to Walking with the Wounded, a British charity for service members associated with Prince Harry. Because that contribution was given directly to the British charity, and not to an American affiliate with a 501(c)(3) designation, no deduction was available to be taken. The 2018 return remedied that issue, resulting in an additional $9,250 in federal tax payments. Corresponding amendments were made to the Bidens’ Delaware state returns.  

The financial disclosure, known as the Office of Government Ethics Form 278, covers the time period from January 1, 2018 through May 31, 2019. It requires certain assets to be identified within a range of values (e.g., $1,000 to $15,000; $250,000 to $500,000). 

• Excluding retirement plans, it shows that the Bidens hold between $500,000 and $1.2 million in cash. They continue to hold the same investments and life insurance policies that they did while in office.
• The Bidens’ S-Corporations (CelticCapri and Giacoppa) are worth between $1 and $5 million and $500,000 and $1 million, respectively. Those amounts are attributable to each entity’s bank account balances. Income taxes have already been paid by the Bidens on assets currently held by the S-Corporations.
• The Form 278 reflects that Vice President Biden earned approximately $3.2 million through his S-Corporation during the pertinent time period.  Consistent with Office of Government Ethics guidance, where those earnings are attributable to speaking fees, each appearance is separately listed on the form.  Forty-seven appearances are listed, 30 of which were a part of the book tour for Promise Me Dad. All together, the fees totaled $4.29 million.  These fees--less expenses and applicable taxes--are reflected in Form 278 entries for Celtic Capri, both the income earned from it and the assets currently held by it.
• During the pertinent time period, Dr. Biden also earned income from speaking fees through her S-Corporation. The Form 278 lists 18 paid speaking engagements, with fees totaling just over $700,000. 
• The Form 278 reflects that the Bidens have minimal debt. Two lines of credit, each less than $50,000, are disclosed in Part 8.