In the history of mankind, many republics have risen, have flourished for a less or greater time, and then have fallen because their citizens lost the power of governing themselves and thereby of governing their state. TR

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Biden may owe $500,000 in back taxes

Let’s see if the MSM follows up on this. It’s not Donald Trump, so it’s not as fun for them.

According to Fox News:

President Biden may have improperly avoided paying Medicare taxes before he took office and could owe the IRS up to $500,000, according to a Congressional Research Service report.

“Joe Biden wants to raise taxes by $2.1 trillion while claiming the rich need to pay their ‘fair share.’ But in 2017, multi-millionaire Joe Biden skirted his payroll taxes — the very taxes that fund Medicare and Obamacare,” said Rep. Jim Banks, who chairs the conservative Republican Study Committee.

Banks said the report indicated that Biden improperly used “S corporations” while he and First Lady Jill Biden raked in over $13 million on speaking fees and book sales in 2017 and 2018, but counted less than $800,000 of it as a salary that could be taxed for Medicare . . .

The report does not name the president, but it analyzes cases where the IRS won a judgment against taxpayers who improperly exploited the S corporations to avoid the Medicare tax.

But when the Bidens released their tax returns during his presidential campaign, they showed that the couple saved up to $500,000 by avoiding the 3.8% self-employment tax with the S corporations.

3 thoughts on “Biden may owe $500,000 in back taxes”

  1. Just imagine the uproar if President Trump avoided $500,000 in taxes. Will Biden cough up what he owes? Maybe he can borrow some cash from Hunter, now that he’s getting thousands of dollars for his “art work”.

    1. You can bet your bottom dollar President Trump does not owe anything in back taxes. There are absolutely no indications of this; if so, he would have been viciously attacked by the MSM and others about it. In spite of this, they are going after him by going after his tax records. NY is going after his tax returns in court, not only him but his business also. It’s a huge financial drain on President Trump, his family and his business. And it’s all because of the evil hatred they have against President Trump for daring to fight on behalf of the hard working, average American and going against the elite, the Establishment, the swamp, politically correct, the deep state, the globalists and others.

  2. Joe will be at least 82 when he leaves office — provided that he lives through his term (no ill will there — just an actuarial view).

    He gave up huge $$$ making potential to be President and while I don’t know if others in his family are benefiting from his presidency, I do expect any sort of Biden family gravy train to end at the end of Joe’s life. There are little or no income producing property/interests…

    Most families renting out a garage apartment make more $$ than what they will after Joe is gone.

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