Report Indicates Biden Might Owe $500K In Back Taxes

White House Flickr

Republican lawmakers allege that a non-partisan report shows that President Joe Biden might owe the IRS up to $500,000 in back taxes.

“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 chairman of the conservative Republican Study Committee, Indiana Rep. Jim Banks.

Biden is pushing for an enormous $3.5 trillion spending bill that will target high-earning Americans so that they “pay their fair share.” But Banks said Biden hasn’t been paying his. 

“According to the criteria CRS provided to my office, he owes the IRS and the American people hundreds of thousands of dollars in back taxes,” Banks said. “Every American should know about Joe Biden’s tax hypocrisy.”

Banks detailed that Biden dodged paying Medicare taxes on speaking fees and book sales from 2017 to 2018, by improper use of “S Corporations.” He alleges that the President and First Lady counted just under $800,000 of more than $13 million earned as salary using the tactic. 

Ironically, the massive legislation would close the loophole which Biden used to avoid paying 3.8% self-employment tax. The report doesn’t name Biden but indicates he would owe taxes under current rules by analyzing S Corps that the IRS won judgments against from improperly exploiting the same loophole. 

“Courts have agreed with the IRS that shareholder-employees are subject to employment taxes when shareholders take distributions, dividends, or other forms of compensation in lieu of reasonable compensation,” the report details.

The document did pointedly note that despite presidential tax returns automatically being subject to audits during their term as commander-in-chief, Biden’s S corporations have been inactive this year, which means the IRS won’t automatically review them.

527108728-Updated-Memorandum-IRS-Audits-of-the-President-S-Corporations-And-Reasonable-Compensation-to-S-Corporation-Shareholder-Employees


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charles A wilkins
charles A wilkins
1 month ago

It’s really not funny biden had his crew spend most of their day trying to either cover their ass, or cover up what they did, does American really need such politically deranged horses ass running our government? “they were whipping the illegals” we will hold “full investigations” on this matter, well that would certainly show any lack of control biden and his minons to obey the laws of the United States. joe how nuch more BS do you thing the American citizen is going to put up with ? Your inability to govern or act as any kind of president has become the joke of the world, You might dance a little longer bit as soon as the democrats realiaze the amount of seats to be lost in the midterms, they also jump on the impeachment band wagon to protect their own tails, if nothing else. Your corruption cup runneth over it’s coming to an end for the biden’s. wagon. joe, you forget the old saying, you can fool some of the people some of the time, but not all of the people all the time.

Lydia Abbott
Lydia Abbott
1 month ago

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max
max
1 month ago

Maybe Biden can write a book for Harris, he can call it “How I got to be VP by giving Head and SCREWING OLD MEN…I am sure it would be a best seller

Casey
Casey
1 month ago

It doesn’t matter. Biden is a Democrat Politician and Democrat Politicians are NEVER held “ACCOUNTABLE” for anything.

Bidencheats
1 month ago
Reply to  Casey

You’re right the big Dogs should be named the untouchables. Laws are just us little people.

Teri
1 month ago
Reply to  Bidencheats

It is way past time we hold them accountable!!!!

Teri
1 month ago
Reply to  Teri

Tep, I agree, start with Bigoon, Peelosi Schitter, all the way down. Include getting their tax records for the last 5 years, even those of their spouses & grown children- IE: bidumbs son, peelosi’s son & husband.

vladimir
vladimir
1 month ago
Reply to  Casey

globalists and their puppets; $oro$ and barry soetoro appointed all the correct criminals to the correct positions to protect all THEIR criminals .

Eddie Price
1 month ago

Ok for thee but not for me. Seems to be the current mode of operation for the Dems.Repubs have absolutely no gonads. Dems would have been all ove rTrump!

DrSique
DrSique
1 month ago
Reply to  Eddie Price

Where ya been? The Dems and the media howled about Trumps’ tax returns for years. Well, in between Russia, Russia, Russia.

nemo
nemo
1 month ago

The recent “hacking” of the oil pipeline & the beef industry computers show me that hacking the election results is being done … the 2020 election results had to be screwed with… the Dems did not have the visible support the Trumpster had, and still has, to wit; the attendance at his rallies… in MHO, the Republican’s day is over unless the entire election system is taken off line, and each vote observed and counted, as in the “old days” … the computer system has become corrupted … The hacked: oil pipeline; beef industry; then consider the California “recall” election… politics controls too much money, and one must wonder how much of the Trillions gets kicked back into open pockets for a good hack job…… Just sayin…

stuart nolting
1 month ago

According to this illegitimate POS administration, high earning AMERICANS are the middle class!

Stephen Russell
Stephen Russell
1 month ago

Get him & Sharpton then too OK

krtinec
krtinec
29 days ago

This crook owe more than 500000.00 He is scheming from government from day he put foot in politic.

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