A new non-partisan report from the Congressional Research Service has shown that Joe Biden, while he is pushing a grossly irresponsible $3.5 Trillion leftist spending spree is himself a half-million dollars deep in unpaid taxes. If Democrats found that Donald Trump owed even $100k it would’ve been international news for six straight months and they’d be calling for his impeachment for felony tax evasion. Even more hilariously the draft of Biden’s budget in the House of Representatives Ways and Means committee would actually eliminate the “accounting trick apparently exploited by Biden and boost IRS funding for audits” according to The New York Post.
Congressman Jim Banks (R-IN), the member who called for the report immediately blasted the rampant hypocrisy they found.
“Joe Biden wants to raise taxes by $2.1 trillion while claiming the rich need to pay their ‘fair share.’ But in 2017, multimillionaire 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,” Banks said. “Every American should know about Joe Biden’s tax hypocrisy.”
Unbelievable!! I asked the nonpartisan Congressional Research Service for a report on multimillionaire Joe Biden’s use of corporate loopholes to avoid paying taxes…
Turns out he wants to raise your taxes, but doesn’t even pay his own! https://t.co/PSJcG13V5C
— Jim Banks (@RepJimBanks) September 23, 2021
How Did Biden Hide $500k In UnPaid Taxes?
Ah, the benefits of being wealthy, elite, and politically favored. According to reporting from The Wall Street Journal, Biden and his wife Dr. Jill Biden routed a stunning $13 million dollars through multiple S Corporations and only claimed a bit less than $800k as taxable salary for Medicare Taxes, listing the rest as exempted from the 3.8 percent applicable rate. It’s a nice trick if you can pull it off, and they would’ve too if it weren’t for that meddling GOP Congressman!
“Courts have agreed with the IRS that shareholder-employees are subject to employment taxes when shareholders take distributions, dividends, or other forms of compensation in lieu of reasonable compensation,” the report says without naming Biden specifically. But according to Congressman Banks, the report demonstrates that the Bidens improperly used S Corporations to skimp out on paying Medicare taxes on their speaking fees and book sales from fiscal 17′ and 18′. But notice how the media has absolutely buried this?