(Patriot Insider) – In news that will probably shock about zero of you in the reading audience, it has been confirmed, once again, that Joe Biden, who is currently the occupant of the White House, is a huge, enormous hypocrite.
I know, I know. You’re probably as devastated by this news as the rest of us, having believed that he was the Second Coming, that he was the Chosen One to save the country and by golly, probably the world.
Well, that’s what the left seemed to believe during the 2020 presidential election.
But as it turns out, Biden is a huge hypocrite when it comes to all of his complaints about the wealthy folks in our country not paying their “fair share” as both he and his wife Jill, used a tax avoidance scheme to prevent themselves from paying their own “fair share.”
And it seems they have been doing this for years now.
“As previously reported by The Western Journal, the Biden’s used S corporations to shield the vast majority of their earnings from payroll taxes in 2017 and 2018,” a report from the Western Journal said.
“The way it worked was rather than categorizing the income they made from book deals and speaking fees as income, the money was run through two S corporations as distributions, i.e., profits,” the report continued.
The Biden family was then back at the scheme again just this past year, according to page 13 of their joint tax return.
“By doing so, they avoided paying a 3.8 percent tax — the combined 2.9 percent Medicare payroll tax and the 0.9 percent Obamacare surcharge, as Christopher Jacobs explained in The Federalist,” the report added.
Oh and it seems that Jill Biden herself avoided paying a whopping 15.3 percent in Social Security tax. Gee, these folks tend to really like to preach sermons, but fail at living out the application of what they blab about in their own lives.
So, yeah. According to information from the Treasury Department, Biden most definitely did not “pay his fair share.”
Want to know how they did it?
Back in 2016, the couple ended up writing off $61,995 in corporate benefits. This broke down as $29,234 out of Joe Biden’s CelticCapri Corporation and then $32,761 from Jill Biden’s Giacoppa Corporation.
“Jacobs noted that due to Biden’s salary as president, he paid all he owed in Social Security taxes because he far exceeded the wage cap of $142,800 for tax year 2021,” the Western Journal reported.
So basically there was no Social Security tax owed on income above $142,800. A sitting president makes $400,000 a year.
“However, there is no salary cap for the Medicare tax or the Obamacare tax, so Biden should have paid those taxes on his $29,234 listed as corporate profits, Jacobs argued,” the report stated.
“As for Jill Biden, she earned roughly $67,000 as a teacher at Northern Virginia Community College, meaning she did not reach the $142,800 pay cap and owed Social Security on her nearly $33,000 in what was characterized as corporate profits,” the WJ report continued.
By the calculations from Jacob, the Biden’s actually owed the Treasury an additional $6,100.
This Tax Day and every day, I’m fighting to build an economy that rewards work — not wealth.
— President Biden (@POTUS) April 18, 2022
“Further, for the tax years 2017 to 2020, he believes they avoided paying an additional $517,000 in Medicare and Obamacare taxes,” the report stated.
The Biden’s have managed to route more than $13 million through their S corps while being able to claim less than $800,000 as salary income.
“The Internal Revenue Service requires S corps to pay “reasonable compensation” to employee shareholders before making non-wage distributions to them,” the report revealed.
The nature of the business is what dictates what should be considered income and what can then be a distribution to an employee shareholder as money generated from the business.
“But to the extent gross receipts are generated by the shareholder’s personal services, then payments to the shareholder-employee should be classified as wages that are subject to employment taxes [Social Security and Medicare],” IRS guidance states.
This is clearly the case with the Biden.
The companies produced money via speaking fees and royalties from books and from little or anything else.
“Most — if not all — the compensation the couple received from the S corps should have been in the form of income, subject to employment taxes,” the Western Journal proclaimed.
And all of this comes after Biden has constantly complained about the wealthy supposedly not paying their “fair share.” Deplorable, right?
I’m sick and tired of the super-wealthy and giant corporations not paying their fair share in taxes.
It’s time for it to change.
— President Biden (@POTUS) September 22, 2021
Copyright 2022. PatriotInsider.org
I’ve said it before and I’ll say it again the US has become the TRASH heap of the world and it all starts in the White House and ooze’s out to the democrats in DC.
why would biden not want to pay for obama care, because even dementia joe knows it sucks