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Joe Biden is spending Thanksgiving at private-equity billionaire’s Nantucket home

President Biden and first woman Jill Biden mentioned they are going to spend Thanksgiving at the Nantucket home of a private-equity billionaire.

In an announcement to reporters, the White House mentioned, “The First Family will stay at the home of their friend, David Rubenstein, as they have done previously.” The buyout tycoon’s Nantucket unfold spans 13 acres and is value a reported $20 million.

Rubenstein, who is value $4.6 billion, in accordance with a Forbes estimate, co-founded private-equity behemoth The Carlyle Group. The Washington-based agency, which boasts $293 billion in belongings, is recognized for its leveraged buyouts and investments which have included Dunkin’, Oriental Trading and Hertz.

Biden and his household have spent most Thanksgivings on the upscale Massachusetts island for the reason that Seventies. They stayed at Rubenstein’s compound earlier than — as soon as in 2014 when Biden was vp.

Photographers snapped pictures of the couple descending Air Force One on Nantucket Island on Tuesday night. It’s unclear if different Biden members of the family will be a part of the festivities.

biden descends air force one
The president and first woman landed in Nantucket on Tuesday night.
AP
Hunter Biden carrying Beau Biden disembarks from Air Force One with President Biden and First lady Jill Biden on Tuesday, Nov. 23, 2021.
Hunter Biden carrying Beau Biden disembarks from Air Force One with President Biden and First woman Jill Biden on Tuesday, Nov. 23, 2021.
REUTERS
Naomi Biden, her fiance Peter Neal (R), (C) and Robert Hunter Biden (L) walk with Naomi's dog Charlie upon arrival at Nantucket Memorial Airport in Nantucket
President Biden’s grandchildren Naomi Biden, her fiance Peter Neal (R), (C) and Robert Hunter Biden (L) stroll with Naomi’s canine Charlie upon arrival at Nantucket Memorial Airport in Nantucket.
AFP through Getty Images

Rubenstein, 72, is vocal on political issues — together with taxes — and has beforehand slammed Sen. Elizabeth Warren’s proposed wealth tax.

“If you tax the upper income, there aren’t enough of those people to really make a wealth distribution effect that’s going to be significant,” Rubenstein advised CNBC in 2019.

Rubenstein additionally has been a supporter of the carried-interest loophole, a tax break that treats non-public fairness earnings like capital positive factors somewhat than earnings. The loophole is seen as a giveaway to financiers because it permits them to pay a decrease tax charge on their earnings.

Rubenstein isn’t the one Carlyle alum to embrace politics. Ex-Carlyle co-CEO Glenn Youngkin simply trounced Democrat Terry McAuliffe for Virginia governor — regardless of Biden’s finest efforts to marketing campaign for the latter.

Still, the White House was fast to defend Biden’s plans.

Joe Biden David Rubenstein
President Biden is spending the vacation at David Rubenstein’s posh Nantucket Island compound.
Mike Coppola
aerial view of David Rubenstein's compound, Abrams Point
David Rubenstein’s compound, Abrams Point.
Google Earth

“This is a time to put politics aside, spend time with your loved ones and talk about what you’re grateful for,” White House press secretary Jen Psaki mentioned Tuesday.

Biden’s Nantucket plans come as the price of a Thanksgiving dinner is 14 % larger than it was final 12 months, in accordance with an estimate from the Farm Bureau. Psaki defended White House insurance policies that many economists say have contributed to rising costs.

“There are abundance of turkeys available. They’re about $1 more for a 20-pound bird, which is a huge bird if you’re feeding a very big family, and that’s something that, again, we’ve been working to make sure people have more money in their pockets to address,” she mentioned.

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