Democrat President Joe Biden won’t shut up about making wealthy Americans “pay their fair share” of taxes, but it turns out that he’s guilty of shortchanging uncle Sam himself. A lawmaker’s analysis based on a non-partisan congressional report suggests that the president might owe a whopping $500,000 in back taxes for evasion.
This report comes out at the same time that Biden and the Democrat party push for a gargantuan $3.5 trillion spending bill that is criticized as being packed to the brim with leftist wish list items. The spending spree of the left is paired with skyrocketing inflation that was realized during Biden’s short time as president so far. Furthermore, Biden’s corrupt tax evasion coincides with his effort to increase the power of the IRS with another $80 billion in spending that he predicts will help crack down on people who don’t submit their full taxes.
Republican Representative Jim Banks (IN) criticized Biden for making repeated calls to increase taxes on the rich “by $2.1 trillion,” meant to fund leftist entitlement spending while at the same time owing such a large amount personally. Banks said that Biden “owes the IRS… the American people… hundreds of thousands… in back taxes,” and added that the public needs to know about “Joe Biden’s tax hypocrisy.”
According to Banks, the report details how Biden misused “S corporations” as a loophole to get out of paying Medicare taxes on income from book sales and speaking fees during his time out of office under the Trump administration.
Joe and Jill Biden ran over $13 million through their S corps and claimed that under $800,000 of that was salary eligible for Medicare. That allowed the rest of the money to be exempt from the 3.8% Medicare rate.
The IRS currently has difficulty tracing all of the money run through S corps to ensure that their wages are reasonably consistent with their cashflow. The issue is one of manpower and technology, but the alternative sounds pretty terrifying.
According to Reason Magazine, Biden’s $80 billion IRS beef up would be sufficient to give the IRS the power to track “every… noncash financial transaction… Venmo transfer[s]… bitcoin bought on the dips… automatically reported to a… audit-hungry IRS.”
Author: Marvin Stevenson