(LibertySons.org) – The Left has been using the “tax the rich” battle cry for quite a while now, but politicians who have net worths totaling more than most Americans could ever dream of don’t have much room to villainize people with money. What’s even more upsetting is these same people often use loopholes to bypass paying their fair share of taxes.
A Congressional research service report from September 21 includes information pointing to a potential $500,000 unpaid tax bill for President Joe Biden. Representative Jim Banks (R-IN) alleges the information in the report proves the Democrat’s actions are in direct violation of tax laws.
Joe Biden Could Owe as Much as $500,000 in Back Taxes For Improperly Using "S Corporations" to Avoid Paying Medicare Taxes on Speaking Fees https://t.co/dxxlUXoG9n
— Jesse James Wilson (@jjwills2) September 24, 2021
Biden allegedly misused S corporations to get past the rules on paying Medicare taxes in 2017 and 2018. The missteps by the president show he and his wife, Jill, moved about $13 million through these corporations, counting under $800,000 as taxable salary. They marked the remaining money as exempt.
The irony of the situation is Biden’s current attempt to push for tax hikes on the rich to fund his massive $3.5 trillion spending bill. How will the legislation ever get the funding it needs without raising taxes on the average American if people like the president can still find loopholes?
~ Here’s to Our Liberty!
Copyright 2021, LibertySons.org