Joe Biden is hiding a dark truth.
Now it’s coming to light.
And Joe Biden may face an IRS probe into this shady scheme to avoid paying taxes.
A centerpiece of Joe Biden’s Presidential campaign was raising 4 trillion dollars in new taxes by punishing corporations and small business owners for their success.
In office Biden’s proposed undoing the 2019 Trump tax cuts by raising the top income tax bracket households making over $400,000 per year to 39.6 percent and the corporate tax rate to 28 percent.
Biden claims this is necessary because the “rich” – who already pay the lion’s share of taxes in America and see over 50 percent of their paycheck go to the government depending on what state they live in – are not paying “their fair share.”
“I’m sick and tired of corporate America not paying their fair share.” Biden declared at a speech in Louisiana to sell the biggest tax hike in American history.
But critics contend that it’s actually Joe Biden who is not paying his fair share with a potentially illegal scheme to duck $500,000 in payroll taxes by declaring income earned from book sales and speeches as corporate profits and not income.
Christopher Jacobs of The Federalist wrote that “I previously reported on the details of the Bidens’ tax avoidance in the years following Joe Biden’s service as vice president. From 2017 through 2019, Joe and Jill Biden classified a total of $13.5 million in book and speech income as profits from their two corporations, rather than as cash wages.”
In the U.S., anyone that makes over $200,000 a year faces a 3.8 percent tax.
The Biden’s have two S-corporations where they paid themselves a salary of $800,000 per year from 2017 to 2019.
This salary payment is key to the Biden’s walking the legal line on dodging their payroll taxes.
“Under current law, S-corporation owners can legally avoid paying the 3.8% tax on their profits as long as they pay themselves “reasonable compensation” that is subject to regular payroll taxes. S corporations are a commonly used form for closely held businesses in which the profits flow through to the owners’ individual tax returns and are taxed there instead of at the business level.” the Wall Street Journal reported.
Critics of this loophole have long believed it to be illegal and now some are calling for the IRS to investigate the Biden’s for potentially shorting the government half a million dollars in tax payments.
Even if Biden operated in a technically legal gray area of the tax code, many Americans still believe Biden is a hypocrite.
Biden constantly berates the “rich” for not paying their fair share and yet Biden dodged paying $500,000 in taxes that would have gone to fund Obamacare and Medicare, two programs Biden claims to strongly support.
Biden’s tax plans to soak small business owners and others the left classifies as the “rich” while at the same time leveraging the tax code to save his family hundreds of thousands of dollars is another example of liberals refusing to live by the rules they demand everyone else abide by.
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