Biden Owes $500k in Back Taxes and the Media is Silent
There is a possibility that President Joe Biden has improperly avoided paying for Medicare taxes prior to taking office. With this, he could owe up to $500,000 to the IRC, per a Congressional Research Service report.
According to Rep. Jim Banks, the chairperson of the Republican Study Committee, the president aims to increase taxes by $2.1 trillion while saying the rich have to pay their “fair share.” However, the representative pointed out that the president, who is a multi-millionaire, dodged paying his payroll taxes that fund Medicare and Obamacare.
Biden Used “S Corporation” Loophole to Avoid Taxes
Banks mentioned that the report shows Biden improperly using “S corporations” when he and first lady Jill Biden earned over $13 million from speeches and book sales back in 2017 and 2018. However, they counted below $800,000 as salary that they could be taxed for in terms of Medicare.
RUT ROH!@JoeBiden may owe up to $500K in back taxes
Biden may have improperly used 'S corporations' to avoid taxes on speaking fees and book saleshttps://t.co/KayrVuxgUk#JoeBiden pic.twitter.com/kqS7g7UWSm
— Larry Elder (@larryelder) September 24, 2021
The president leads the effort to pass a bill worth $3.5 trillion that aims to provide funding for health care, child care, and education. To pay for this legislation, Biden’s proposal calls to target tax avoidance all while increasing taxes on people who belong to high-income brackets.
A draft of the said proposal contains provisions that would block loopholes like the one Biden used, but the report says the president would still owe the IRS taxes based on the current rules.
The report doesn’t directly name the president. However, it analyzes cases in which the IRS won cases against taxpayers who exploited S corporations to skirt around Medicare taxes.
Although, when the Bidens published their tax returns during the president’s campaign, they should that the two of them saved nearly $500,000 by avoiding the self-employment tax worth 3.8% by using S corporations
A number of experts believe the IRS doesn’t have the necessary resources to look into every taxpayer who could abuse S corporations to avoid taxes.
According to John Bogdanski, who formerly served as a member of the IRS Commissioner’s Advisory Group, millions of S corporations exist, so it’s possible to have half a million of such corporations “playing this game.” With this, he said the IRS doesn’t have enough funding to look into half a million cases annually.
This is entirely bullsh-t. Quit publishing this type of crap and let the man do his job!
Nice~we get our asses handed to us from the irs but not people who use this corporation~where is this fair and why ain’t he being harassed like Trump~oh I no he’s above the law. Sometimes I wonder where the United States of America went! God help our children and future families. When are we going to stand up and tell the criminals, aka elected officials to follow the laws that we the people do. Sorry kids!
How does an obviously big tax mistake NOT get noticed by IRS but make a minor dollar mistake on your tax from and IRS is CHOMPING penalties and garnishments real fast. I think the IRS workers don’t view the big income filers forms with the same INTENSITY. They look for the easy way of doing the reviews and are deliberately avoiding the forms where they CAN and WILL find LARGE tax money OWED.They probably don’t even look at these forms when those should be the priority.
How in the hell did he earn $13 million from …speaking fees… you know Hunter was involved in this just remember this is only the beginning he’s been in for 10 months and look what he’s done …. make sure your guns are clean you got plenty of ammo you’ve got toilet paper paper towels and bottled water and start learning how to grow a garden ….The fat Lady has already sang her song and we are screwed…The people who voted for sleepy Joe have no idea what they have done how are we going to pay for all these healthcare and educational benefits for all these illegal aliens that they have secretly flown in two different parts of the country overnight who’s going to pay for this we don’t have any manufacturing bases we don’t have a job a skill for us what have we got Amazon…prime are you kidding me…. how are you going to raise a family they working at Amazon or prime I am retired I got a pension and Social Security who knows how long it’s gonna last but I feel for these families …I never had to work two jobs but I can imagine people working two or three we are in deep trouble we’ve got to get rid of sleepy Joe
….. and inclosing…
how do you earn $13 million in books sales and speeches who in their right mind would buy a book by Joe Biden and who in their right mind would go to a speech by Joe Biden… this is the world we live in now this man is a lunatic and anybody that buys a book that is published by him or goes to one of his speeches is a lunatic ….does anybody see this… I’m I alone am ….. I the only One Who sees this …are you fucking kidding me
This is the sort of thing you get ( ‘S’ corporations ) when you have legislators creating ‘laws’ that are 2,000 pages long.
Anybody that looks at the situation logically knows that if the government was treating all people equally, a tax law could be written that would be a page or two long. The only reason for thousands of pages is to provide loopholes for the ‘special’ people and fodder to keep the lawyers employed.
i don.t think you are telling the truth prove it
IMPEACH! IMPEACH!IMPEACH!!… oh wait I was getting confused that’s only if Trump is in office we scream and peach all the time. Why is that not fair for Biden?? I’m baffled as to why the right and left are not all over Biden for the crap he has pulled in less than one year in office!
The rich never pay their fair share. If this is so then he ans the Dr. need to pay up or face prison !