It appears to be so. Apparently, Joe Biden, before he became president, skirted the law on paying about $500,000 in payroll taxes, in 2017 and 2018. That stems from his book sales and speaking engagements. That’s according to Representative Jim Banks (R-IN), who chairs the Republican Study Committee.
While Biden is readying plans to raise some $2.1 trillion in additional taxes by “making the rich pay their fair share”, apparently that’s not him. Biden used S Corporations improperly when he and Jill made $13 million on speaking fees and book sales, while only declaring $800,000 of it as income. That is a salary by the way, that could be taxed by Medicare and Obamacare (that Biden has overwhelmingly backed).
What is interesting is that one of the loopholes in the tax code that Biden wants closed is the exact same loophole that he tried to use in order to avoid paying the half-mil in taxes. There hasn’t been any word from the White House regarding this, but what’s interesting is what the IRS has to say.
Biden probably won’t be investigated over the alleged tax cheating and the reason is simple. There are millions of S Corporations in this country and according to a spokesperson at the IRS, there may be a half a million or so of them that are playing the same game the Biden’s played. The IRS doesn’t have the manpower to investigate all of them, and so they basically are ignoring the whole S Corporation tax dodge.
Well now…isn’t that a fine kettle of fish.
And that should tell us all something. We should all go out and form our own S Corps to do exactly the same thing as what Biden is doing, right? I mean, the law is supposed to apply to all equally, right? And if Biden is able to dodge a half a million on $13,000,000 in income, then we should be about to save about 3.8% on our taxes as well. What’s good for the goose…
Look, I’m a firm believer that you as an American should pay the least amount of taxes that you legally can. I don’t have a problem with someone finding a tax loophole and driving a Mack truck through it. But what I do have a problem with is someone that professes to the world that the “rich need to pay their fair share”, and then they (with a net worth of about $8 million…which makes him rich in my book) decide to pull a tax dodge, I have a problem with the consistency of that.
So, should Biden unilaterally step up to the plate and write a $500,000 check to the IRS? I would say yes. He’s the one ready to raise everyone’s taxes, regardless what he tells you about making less than $400,000 isn’t going to effect you. Trust me it is. That’s the problem with tax and spend liberals. They don’t worry about the money that they are spending because they can always figure out how to dodge the tax code. One name that comes to mind is former New York Representative, Charles Rangel, who actually WROTE the tax code…and was found to have violated it back in 2009. Same story.
Politicians that cheat on their taxes should automatically have to face the death penalty. Now, by that I don’t mean put to death. But they should lose whatever seat they hold, and all the perks associated with it, including all retirement and pensions associated with their public service. That money should go back to the IRS. THAT is consistency!
Carry on world…you’re dismissed!