Jul 11, 2012 No Comments ›› Toro520
Vice President Biden thinks he’s in the middle class, even though his income far exceeds the $250,000 threshold President Obama set for raising income taxes on the rich.
According to his 2011 tax returns, Biden and his wife Jill had an adjusted gross income of $379,000 last year. And that, Biden siggested Tuesday in remarks to the National Council of La Raza in Las Vegas, puts him squarely in the middle class:
“For middle class folks like me and most of you, owning a home is maybe the single most consequential element of our existence to be able to provide for our families.”
f Biden feels he is middle class, it may be due to his apparent inability to manage his finances.
According to a Dec. 1, 2011 report by the Center for Responsive Politics, Biden actually has a negative net worth.
On the other end of the Obama administration’s net worth spectrum are Vice President Joe Biden and Secretary of the Interior Ken Salazar. Both had enough liabilities to place their estimated worth in the negative.
Biden’s low estimated net worth is a result of relatively small income from assets and six liabilities which totaled an average of $337,000. These include mortgages and home equity loans with a bank in his home state of Delaware, two lines of credit and a loan borrowed from his life insurance policy.
But if Biden considers himself middle class, Obama certainly does not. Obama’s proposal to jettison the Bush tax cuts for “the rich” pertains to those making more than $250,000 per year – whether they have somehow lost all their money or not.