Get a load of this!
President Biden has been pushing to raise taxes on the American people from the moment he stepped into office and now it has been revealed that Biden himself owes over $500,000 in taxes!
According to Newsmax, Rep. Jim Banks, R-Ind., exposed Biden and said, “Biden wants to raise your taxes, but doesn’t even pay his own.”
Banks took to Twitter and wrote, “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!”
Banks reacted when a new report discovered that Biden refused to pay Medicare tax on speaking fees and book sales from 2017-18. Biden pulled off this little trick by abusing S corporations to show low salaries and then counting most of his real revenue as “distributions” which were exempt from the Medicare tax.
“Joe Biden wants to raise taxes by $2.1 trillion while claiming the rich need to pay their ‘fair share,'” Banks stressed. “But in 2017, multi-millionaire Joe Biden skirted his payroll taxes — the very taxes that fund Medicare and Obamacare.”
Banks added, “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. Every American should know about Joe Biden’s tax hypocrisy.”
The Wall Street Journal further explained that Biden and his wife sent over 13 million dollars in revenue through S corporations in 2017 but they claimed that only $800,000 of that money was eligible to be taxed at a 3.8% rate.
After 4 years of Dems calling Trump a Tax Cheat we find out BIDEN owes $500k to the IRS. Next thing you know all the allegations of Trump sons being corrupt will end with proof that Biden’s kid was. Oh wait it did, and they killed it. Don’t believe ANYTHING these people say.
— Jimmy Failla (@jimmyfailla) September 24, 2021