During President Biden’s speech to Congress last week, he announced a multi-trillion dollar plan to improve “human infrastructure.” To fund this latest bad idea, he want’s to increase taxes even further, this time aiming at taking money from “wealthy” individuals only.
During his speech, Biden continued to use the term “fair share” to describe what wealthy Americans should contribute in the form of wasted tax dollars, but his own tax records reveal that Biden has failed to pay his own “fair share” of taxes.
Upon exiting his vice presidential seat in 2017, Joe and Jill Biden made use of a questionable tax loophole to avoid hundreds of thousands in taxes, putting the pocketed savings into lavish real estate.
Biden garnered $13.5 million in revenue from book sales and speeches between 2017 and 2019 alone. This was shielded in their two corporations as profit rather than wages. By doing this, the Biden’s were able to avoid paying $513,540 in payroll taxes on their nearly $14 million profit. Wall Street Journal tax experts reviewed the Biden’s tax maneuvers and called them “pretty aggressive,” pointing out that the tactics employed were solely used to dodge paying payroll tax.
The payroll avoidance specifically clears the Biden’s of funding Medicare and Obamacare, laws which Biden helped to set up. During Biden’s campaign, he called the laws “personal to me,” however it seems he makes an exception when it comes to his personal contributions to the bill.
So what did ol’ Joe do with his bonus cash? Well in 2017 he spent $2.7 million on a lavish beach house. The same year, the Biden’s rented a house in Washington from a friend and donor, Mark Ein. The monthly rent they paid was estimated to be in the range of $20,000 per month, the same amount that the average household spends in a year.
This behavior is total hypocrisy given how much the Democrats attacked Trump over allegedly taking steps to reduce taxation.
Author: Regina Mendas