Recession effect or any other reason, how powerful people of the world are becoming poor?

The income of America’s President Joe Biden, the most powerful person in the world, is continuously decreasing. In the year 2022, the total income of Joe Biden and his wife Jill Biden has been $ 5.08 lakh i.e. about Rs 4 crore 73 lakh 75 thousand 460. Whereas till a few years ago his income was up to 1 million dollars. Then why did this happen? The answer to this question is hidden in the past. In fact, the Biden couple has deposited about 24 percent of their income as income tax. He has given 1.38 lakh dollars i.e. about 1 crore 13 lakh 620 rupees as federal income tax for 2022. This is much higher than the US average income tax.

People in America pay an average of 14 percent income tax. The income of the Biden couple has been continuously decreasing since 2019. At that time he used to earn one million dollars. Much of this income came from book sales, speeches, and teaching at the University of Pennsylvania and Northern Virginia Community College. America is currently in the grip of inflation and is grappling with the possibility of recession. In such a situation, the income of the common American people has also decreased, so is this the reason for the decrease in Joe Biden’s income.

Joe Biden took over the presidency of the US in January 2021. Earlier in 2020, he spent almost 1 year in the election campaign. During this, his income has decreased rapidly. The income of the Biden couple has been around $6 million in both the years. At the same time, according to the US Census Bureau, the average income of an American citizen in the year 2021 is $ 69,717.