Posted on 05/06/2021 7:51:38 AM PDT by Kaslin
How can someone who avoided more than $500,000 in taxes to fund his luxury lifestyle demand that others ‘pay their fair share’ under massive tax hikes?
In his speech to Congress last Wednesday and his multi-trillion-dollar plan for “human infrastructure” released earlier that day, President Biden proposed yet another tax increase, this one on purportedly “wealthy” individuals and families. In his address Wednesday evening, Biden used the words “fair share” on no fewer than five separate occasions to justify these proposed revenue hikes.
Yet with his own taxes, Joe Biden didn’t pay his “fair share.” Upon leaving the vice presidency in early 2017, he and his wife Jill exploited a tax loophole of questionable legality to dodge hundreds of thousands of dollars in taxes—and used the savings to fund lavish real estate holdings.
Biden’s personal conduct raises two obvious questions: How can someone who avoided more than $500,000 in taxes to fund his luxury lifestyle demand that others “pay their fair share”? And how can someone proposing the biggest expansion of government since Franklin Delano Roosevelt claim he supports more federal spending, when he wouldn’t pay for that spending himself?
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.
While the couple paid full income taxes on all their revenue, classifying most of their earnings as corporate profits rather than wages allowed the Bidens to avoid paying $513,540 in payroll taxes on their $13.5 million in declared corporate profits. Tax experts interviewed by the Wall Street Journal in 2019 called the Bidens’ maneuvers “pretty aggressive,” and stated that they existed solely to circumvent paying payroll taxes.
Moreover, the $513,540 in payroll taxes the Bidens avoided were imposed by Medicare and Obamacare, and help fund both of those laws. During his campaign, Joe Biden ran ads claiming that “Obamacare is personal to me”—except, it appears, when it comes to paying the bill.
At the same time the Bidens were dodging payroll taxes, they spent significant sums expanding their real estate holdings. In 2017, the same year Joe Biden received a reported $8 million book advance, the Bidens paid more than $2.7 million for a beach house at the Delaware shore. At the time, Biden told a local paper the move fulfilled a lifelong dream to own a beach house. But in achieving that dream, Biden dodged paying Obamacare and Medicare taxes on the vast majority of his book advance.
Also in 2017, the Bidens rented a house in suburban Washington from a donor and friend, Mark Ein. While the family did not disclose how much they paid their friend, other than to call it “substantial monthly rent,” the Zillow website estimates the property would rent for about $20,000 per month. To put that sum in perspective, the estimated rent for that property for one month exceeds the average American’s rent for an entire year.
What did that “substantial” rent bring to the Bidens? A rental house with nearly 12,000 square feet of space—almost a third more than the vice-presidential residence the Bidens vacated in 2017. A home that features a grand piano in the living room, contains both a sauna and home gym, and advertises parking for 20-plus cars. The property contains so much “bling” that a local real estate brokerage created a video advertising all its luxury features.
Given his behavior, President Biden’s speech last week sounded a bit rich—not in terms of wealth, but his own hypocrisy. The current president engaged in a series of transactions Democrats often like to ascribe to his immediate predecessor, deliberately dodging more than $500,000 in payroll taxes that fund a law he claims to support, all to finance an extravagant lifestyle worthy of a plutocrat.
Donald Trump should have released his taxes as president, and if he underpaid his tax bills, the appropriate authorities should hold him to account. But at least Trump didn’t go around trying to raise other people’s taxes while dodging taxes himself. Joe Biden, however, does rise to that level of chutzpah.
That's what lying, murdering traitors like ChiComjoe do!
Bookmark
Is anyone suing him to see his tax records?
Delaware LLCs are all established to duck taxes.
Where is Joe from again???
Joe is “rich enough” (by Obama’s rule) and should be following Donald Trump’s example and donating the salary he receives as President. C’mon, Joe!
If you know the rules you are able to do this. Not seeing anything illegal here yet. And i am not a Biden-lover.
This is similar to the thing that Dick Cheney used to make John Edwards look like the jackass Edwards is in their debate in 2004.
Is Biden a hypocrite? Of course he is.
And thanks for showing how nonsensical the US Tax Code is.
Typical hypocritical lying communist/socialist...
Just like John Effin’ Kerry with his yachts and jet claiming climate change is needed.
They’re vile, evil, lying POSs...the whole bunch.
LIEberals LIE!
Sloe Joe is a LIEberal!
Sloe Joe LIES!
Sloe Joe also CHEATS!
LIEberals LIE and CHEAT!
There it is!
President Trump donated his entire salary. Don’t expect biden to follow that example. I would not be surprised if he demands a raise.
Again, that's not what lying, murdering traitors like ChiComjoe do.
What lying, murdering traitors like ChiComjoe (and other Demonicrats) do is steal oxygen and exhale lies, support the genocide of children in the womb, and give aid and comfort to the domestic and foreign enemies of the United States.
Along with Al Gore, Bruce Springsteen, Michael Moore, Oprah Winfrey, and others among the "people who really care" ranks.
Stupid article.
Biden didn’t dodge anything. He complied with the stated tax rules. Don’t like it, then change the law.
Of course they lie. How many times do I have to say that lying comes natural to them? They can not help it.
“The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $142,800.”
via Bing
For three years and two people, about $900,000 worth of income would be subject to SS self-employment tax of 12.4% I believe.
That’s about $108,000 of Social Security funding tax they might have tried dodging.
“the passthrough nature of an S-corporation cannot be used to circumvent self-employment tax obligations. The best way to avoid such concern and audit potential is to determine an optimum salary for the author to be paid by the S-corporation (which is subject to the social security and Medicare taxes at the entity level), while resulting in maximum savings on the net income passed through to the individual.”
https://blog.taaonline.net/2018/06/taxes-and-authors-what-you-should-know/
You were saying: “Biden didn’t dodge anything. He complied with the stated tax rules.”
I’m not a tax expert.
Al Capone was nabbed for tax evasion but Jao Bai-Din and Hunter Bai-Din are free as birds.
Typical of the members of the DC $wamp. The average for Congre$$ional Hou$e member$ is about $6 million and $enate about $8 million.
From:(”Net worth of United States Senators and Representatives”)
Number given in articles like this vary all over the place but none ever show them being paupers.
Saying he dodged taxes is basically stating he (his lawyers) leveraged the tax code to his benefit like any sensible person would do.
Except when Republicans do that they are framed as criminal tax evaders. It’s what Democrats do.
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