It’s always projection with the Democrats. If the Democrats accuse their political enemies of engaging in some sort of wrongdoing, it’s always the exact sort of wrongdoing that they’re engaged in. Always. They endlessly accused Donald Trump Jr. of nefarious money-raising schemes with foreign governments; meanwhile, Hunter Biden was offering to have his vice president dad unfreeze Libyan government funds for a $2 million helper fee (plus 10% for the Big Guy). They’ve been demanding for years to see Donald Trump’s tax returns, but… according to a non-partisan governmental report, Donald Trump isn’t the one who cheated on his taxes and owes the IRS a half a million bucks in back taxes. That was Joe Biden.
Congressman Jim Banks (R-IN) requested a report from the Congressional Research Service (CRS) on IRS audits of S-Corporations and reasonable compensation to S-Corporation shareholder-employees. It turns out that this is how Joe Biden reduced the appearance of his net worth in time for the 2020 election. He dumped all the cash from his speaking fees and fake book advances into an S-Corporation and then paid small salaries to himself and Dr. Jill in order to avoid paying taxes on it.
That’s perfectly legal if you do it the correct way, by the way. Robert Kiyosaki, the author of the “Rich Dad, Poor Dad” series of books, can explain it much better than I can if you’re interested in the topic. But according to Rep. Banks and the Congressional Research Service, Joe Biden didn’t use his S-Corporation properly. They funneled their money through an S-Corporation and skipped out on paying $500,000 in Medicare taxes on his speaking fees and “book sales.” (And does anyone honestly believe that people bought $8 million worth of books written by Joe Biden?)
According to the CRS, Joe and Jill Biden funneled $13 million through a series of S-Corporations and paid themselves an $800,000 salary. And they counted the remaining $12.2 million in the S-Corporations as “distributions,” in order avoid paying Medicare taxes. The report does not place blame on the Bidens for doing this, but they basically cheated on their taxes. If the IRS were to audit them, they would lose that case.
Now that Joe Biden has availed himself of that scheme, he’s actually trying to close that loophole for other people! The $3.5 trillion “infrastructure” boondoggle includes a host of tax increases on the poor and working class to pay for it. But the bill would also – irony of ironies – prevent any other semi-wealthy people like Joe and Jill Biden from skipping out on Medicare taxes like they did.
“Working Class Joe” has set the hearts of liberals fluttering by claiming he’s going after those rich guys and he’s going to make them “pay their fair share.” But that’s not what Biden’s fake infrastructure bill does at all. As I’ve written previously, the bill raises taxes on anyone making $30,000 or more a year. It also raises cigarette taxes, which are basically a tax on the poor. On the flip side, families making $800,000 per year will be able to avail themselves of $118,000 in subsidies and tax write-offs.
He says he’s going to tax the rich, but the infrastructure bill gives the rich far bigger tax cuts and write-offs than Donald Trump’s tax cuts. And Biden is giving big tax increases to the poor and working class. Plus, the infrastructure bill would beef up the IRS by a staggering $80 billion in order to impose crippling audits on working-class Uber drivers, Walmart greeters and freelance court transcriptionists making $30,000 a year.
Meanwhile, Biden skipped out on paying the exact payroll taxes that fund things like Medicare and Obamacare. Joe and Dr. Jill also conveniently placed their S-corporations in “dormant” status for his time in the White House, so that his hidden wealth from Hunter Biden’s shady business dealings with China and Ukraine cannot be audited. (I’m assuming that’s where “The Big Guy” is dumping all of his shady income from his shady son’s crooked deals, to avoid public scrutiny and IRS attention.) This system works really well for the people in charge, doesn’t it?
Congress should move on from wanting to check Donald Trump’s tax returns. They really need to be looking at Joe Biden’s tax returns, now that it’s been proven that he and Dr. Jill skipped out on paying their fair share.