(Republican Party News) – In news that will probably shock about zero of you in the reading audience, it has been confirmed, once again, that Joe Biden, who is currently the occupant of the White House, is a huge, enormous hypocrite.
I know, I know. You’re probably as devastated by this news as the rest of us, having believed that he was the Second Coming, that he was the Chosen One to save the country and by golly, probably the world.
Well, that’s what the left seemed to believe during the 2020 presidential election.
But as it turns out, Biden is a huge hypocrite when it comes to all of his complaints about the wealthy folks in our country not paying their “fair share” as both he and his wife Jill, used a tax avoidance scheme to prevent themselves from paying their own “fair share.”
And it seems they have been doing this for years now.
“As previously reported by The Western Journal, the Biden’s used S corporations to shield the vast majority of their earnings from payroll taxes in 2017 and 2018,” a report from the Western Journal said.
“The way it worked was rather than categorizing the income they made from book deals and speaking fees as income, the money was run through two S corporations as distributions, i.e., profits,” the report continued.
The Biden family was then back at the scheme again just this past year, according to page 13 of their joint tax return.
“By doing so, they avoided paying a 3.8 percent tax — the combined 2.9 percent Medicare payroll tax and the 0.9 percent Obamacare surcharge, as Christopher Jacobs explained in The Federalist,” the report added.
Oh and it seems that Jill Biden herself avoided paying a whopping 15.3 percent in Social Security tax. Gee, these folks tend to really like to preach sermons, but fail at living out the application of what they blab about in their own lives.
So, yeah. According to information from the Treasury Department, Biden most definitely did not “pay his fair share.”
Want to know how they did it?
Back in 2016, the couple ended up writing off $61,995 in corporate benefits. This broke down as $29,234 out of Joe Biden’s CelticCapri Corporation and then $32,761 from Jill Biden’s Giacoppa Corporation.
“Jacobs noted that due to Biden’s salary as president, he paid all he owed in Social Security taxes because he far exceeded the wage cap of $142,800 for tax year 2021,” the Western Journal reported.
So basically there was no Social Security tax owed on income above $142,800. A sitting president makes $400,000 a year.
“However, there is no salary cap for the Medicare tax or the Obamacare tax, so Biden should have paid those taxes on his $29,234 listed as corporate profits, Jacobs argued,” the report stated.
“As for Jill Biden, she earned roughly $67,000 as a teacher at Northern Virginia Community College, meaning she did not reach the $142,800 pay cap and owed Social Security on her nearly $33,000 in what was characterized as corporate profits,” the WJ report continued.
By the calculations from Jacob, the Biden’s actually owed the Treasury an additional $6,100.
This Tax Day and every day, I’m fighting to build an economy that rewards work — not wealth.
— President Biden (@POTUS) April 18, 2022
“Further, for the tax years 2017 to 2020, he believes they avoided paying an additional $517,000 in Medicare and Obamacare taxes,” the report stated.
The Biden’s have managed to route more than $13 million through their S corps while being able to claim less than $800,000 as salary income.
“The Internal Revenue Service requires S corps to pay “reasonable compensation” to employee shareholders before making non-wage distributions to them,” the report revealed.
The nature of the business is what dictates what should be considered income and what can then be a distribution to an employee shareholder as money generated from the business.
“But to the extent gross receipts are generated by the shareholder’s personal services, then payments to the shareholder-employee should be classified as wages that are subject to employment taxes [Social Security and Medicare],” IRS guidance states.
This is clearly the case with the Biden.
The companies produced money via speaking fees and royalties from books and from little or anything else.
“Most — if not all — the compensation the couple received from the S corps should have been in the form of income, subject to employment taxes,” the Western Journal proclaimed.
And all of this comes after Biden has constantly complained about the wealthy supposedly not paying their “fair share.” Deplorable, right?
I’m sick and tired of the super-wealthy and giant corporations not paying their fair share in taxes.
It’s time for it to change.
— President Biden (@POTUS) September 22, 2021
Copyright 2022. RepublicanPartyNews.org
OK Now that his tax cheating is know WHAT WILL BE DONE ABOUT HIS CREATIVE MATH??? Will it be the same thing a Hunter’s history ? Ignored or swept under a rug ?
You’re kidding, right? Conniving Demmunists are NEVER held accountable for ANYTHING they do, no matter NOW criminal it might be! Tax evasion, stealing a Presidential election and installing an UNELECTED senile SOCK PUPPET in the White House, etc.
Answer to Virginia Heard ? Is = more than likely!!
See, when the conniving Demmunists say stuff like “the wealthy should pay their fair share,” what they really mean is, if you have a job, you should pay YOUR “fair share” (whatever “they” decide that should e,) the “fair share” of all the “unregistered Demmunist” illegals they are importing at our southern border to keep them in power (and PS you get to pay for all the FREE MONEY they are lavishing on these illegals–FREE health care, FREE school for all their children, FREE housing, a new FREE phone, etc etc), and, oh yeah, your “fair share” will include “your” share of what CHEATING Demmunists like the senile SOCK PUPPET don’t pay.
This has been going on for 100 yrs so dont be surprised. Why is it every politician that makes a career of it is filthy rich$$$$$$. Why do they all do so well while the rest of us barely make a few bucks in the stock market but they all have amazing portfolios year after year. They all did great during the fake pandemic while millions lost all they invested. Follow the money trail and HANG THEM ALL HIGH FOR TREASON !!! It’s so simple but no one will go after them like our powerful IRS nor the FBI as they only do as told by the corrupt politicians that get voted in and steal from WE THE PEOPLE. GOOD OLD STYLE LYNCHING ON THE FRONT LAWN OF THE WHITE HOUSE
It seems that there is a lot of money collected by the Dems party and a lot of funding to support the dems budget and programs, then all of a sudden bydgetary items are broke or missing funds to do their normal thing. What’s up with that? For example the SBA has recently said they are almost broke, all the funds from the trillions given by the dems laws has all of a sudden been taken back (a good thing) and a number of others. Have they overstepped their appraisals, the free spending or has the donations really come from the trillions from taxes ? I would like to see an audit performed to see what comes in and from whom and what goes out and to whom. eh?