President Barack Obama, who is accused of supporting governmental policies that have incredible disdain for the wealthy, turns out to be a “one-percenter” himself. Obama has listed his assets to be worth somewhere between $1.95 million and $7.15 million. From $1 million to $5 million are in Treasury notes, according to the president’s own disclosures on Thursday. Mr. Obama and his wife, Michelle, reported a combined income of $503,183 just last year when they filed their taxes in April - $400,000 of which is the president’s salary, according to a Chicago Tribune report on Thursday.
Book royalties and financial investments account for an amount of income listed from $180,000 to $482,000 of the Obamas income. The financial disclosure forms indicate that the couple continues to pay off a 30-year mortgage on their Kenwood-Hyde Park neighborhood home on the South Side of Chicago. The mortgage, between $500,000 and $1 million, is at 5.625 percent interest rate, according to CNN.
Due to past positions in academia and politics, Mr. Obama is in retirement plans from the Illinois General Assembly and the University of Chicago. Of course, due to Illinois Gov. Pat Quinn and Illinois Attorney General Lisa Madigan’s Illinois pension-threatening efforts, the president’s pensions in Illinois are currently being greatly challenged. Ironically, it is Obama’s fellow-Democrats who are hell bent on destroying his previously-promised and Illinois Constitution-protected pensions in his home state.
Regarding Vice President Joe Biden, the vice president reported a very modest income as compared to the president. Biden, who is still very well-to-do, reported assets of between approximately $230,000 and $850,000. With his reported assets and salary of $230,700 per year, he is no millionaire several times over like the Obamas. Biden’s disclosures show that his income was only between some $30,000 and $105,000. Those earnings came mostly from book royalties and rental property. Like Obama, Biden’s liabilities include a home mortgage. His mortgage is between $500,000 and $1 million at a 3.375 percentage interest rate.