Joe Biden is calling for the rich to pay massive new taxes, but is he being a hypocrite since he owes up to half a million in taxes himself? This information comes to us from the congressional office of Rep Jim Banks, who got his information from Congressional Research Service. The report was also supplied to the New York Post.
The report does not name Joe and Jill Biden, but it describes exactly what they did to avoid paying their fair share of taxes.
The New York Post reports:
A House Ways and Means Committee draft of the bill would end the accounting trick apparently exploited by Biden and boost IRS funding for audits — but the new report, drafted by the Congressional Research Service and provided to The Post, suggests Biden owes taxes under current rules, according to the congressman who requested it.
The Bidens set up an S corporation in order to skirt taxes they owe, but the method they used could be less than legal. The Big Guy must be slipping.
Rep. Jim Banks (R-IN), chairman of the Republican Study Committee (RSC) said:
“Joe Biden wants to raise taxes by $2.1 trillion, while claiming the rich need to pay their ‘fair share.’ But in 2017, multi-millionaire Joe Biden skirted his payroll taxes — the very taxes that fund Medicare and Obamacare. According to the criteria CRS provided to my office, he owes the IRS and the American people hundreds of thousands of dollars in back taxes. Every American should know about Joe Biden’s tax hypocrisy.”
Biden and first lady Jill Biden routed more than $13 million through S corporations and counted less than $800,000 of it as salary eligible for the Medicare tax — exempting the rest from what would have been a 3.8 percent rate, the Wall Street Journal reported. The CRS report doesn’t name Biden but analyzes cases in which the IRS won a judgment against taxpayers who paid themselves suspiciously low salaries from S corporations and counted most of the revenue as “distributions” exempt from the Medicare tax. …
Tax law experts told The Post that the CRS report underscores the long-standing controversy, but that it doesn’t necessarily break new ground. They say the IRS simply doesn’t have the resources to make sure that all S corporations reasonably assess what counts as salary.
Taxes for thee, but not for me is Joe Biden’s motto. Will he be held to the same standards that you would be? You are joking, right? As Leona Helmsley once said, “Taxes are for the little people.”
Most of Biden’s tax plans will severely hurt the economy by incentivizing tax shelters over expanding your business or investing in someone else’s. You can make more money by investing in triple tax-free municipal bonds.
