As Biden pushes for the United States to turn into a socialist dystopia with his $3.5 trillion infrastructure spending bill that allocates a considerable amount of money for the IRS to target tax non-compliance, Joe Biden stands accused of owing the IRS as much as $500,000 in back payroll taxes.
The hypocrisy inside the White House and the Biden Administration never ceases to amaze those paying attention.
Millionaires and billionaires are paying a lower tax rate than teachers and firefighters. We’re going to restore fairness to the tax code, give working people a much-needed tax cut, and make the investments that will grow our economy for years to come.
— Joe Biden (@JoeBiden) September 26, 2021
A new report from the Congressional Research Service, initially published by the NY Post, Biden used a tax scheme by sending millions of dollars he made from book sales and speaking engagements through S corporations skirting the 3.8% self-employment tax.
This saved the Bidens close to $500,000 in taxes in 2017 and 2018, a luxury loophole average Americans can’t use.
Biden told the American people that it was time for the rich to pay their fair share of taxes while using a loophole that Obama and the current Democrat Congress attempted to close.
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
Chairman of Rep. Jim Banks said he requested the report from the non-partisan Congressional Research Service. He said it “turns out [Biden] wants to raise your taxes but doesn’t even pay his own.”
Rep. Banks told the NY Post, “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.”
Biden’s new plan raises taxes on small family farms and generational businesses while limiting the 20% small business deduction vital to competing with major corporations.
The Heritage Action claims that Biden’s tax and spending bill will “raise taxes for families bringing home $50,000 a year.”
“According to the criteria CRS provided to my office, [Biden] owes the IRS and the American people hundreds of thousands of dollars in back taxes,” said Rep. Banks. “Every American should know about Joe Biden’s tax hypocrisy.”
Joe Biden is not named in the CRS report given to the congressman. Still, it does expound on the tax loophole Biden used when he counted less than $800,000 of it as salary and the rest, equating to $13 million, counted as “distributions” and therefore excluded from the Medicare tax.
The IRS is set to get close to $80 billion in new funding to increase tax compliance if the Biden bill is approved. Critics warn that a Biden-controlled IRS will produce similar corrupt targeting to what Conservatives experienced during the Obama Administration.
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