(AmericanPoliticalDaily.com)- While Democrats focus on illegally-obtained copies of President Donald Trump’s tax returns published by the New York Times, little is being said about evidence suggesting Democratic presidential nominee Joe Biden exploited loopholes in the tax code to avoid paying payroll taxes that would have amounted to hundreds of thousands of dollars.
It was reported in August by the Wall Street Journal – and then quickly forgotten again – how Biden’s family set up an “S-Corp” which allowed them to avoid paying huge sums in taxes. In the piece, Chris Jacobs details how it worked…and the hypocrisy of complaining about President Trump’s partial suspension of payroll taxes.
“Joe Biden responded to President Trump’s partial suspension of payroll-tax collections with a statement calling it the ‘first shot in a new, reckless war on Social Security,’” he reported.
He explained how Biden said that seniors and millions of Americans with disabilities were “under enough stress without Trump putting their hard-earned Social Security benefits in doubt,” but added how Biden’s objections “Might be more persuasive had he and his wife, Jill, not gone out of their way to avoid funding seniors’ entitlement benefits.”
The report shows how according to their tax returns, in 2017 and 2017 both Jill and Joe Biden avoided paying payroll taxes for almost $13.3 million in income generated by book royalties and speaking fees. The income was considered a profit from an S-corportation rather than regular taxable wages.
It’s legal, but meant they didn’t pay anywhere near as much in tax as they would have done. And that’s precisely what they are currently attacking President Donald Trump for.
Even though Donald Trump admitted that he paid very little in federal income taxes way back in 2016. Funny how the New York Times has a short memory on things like that.
Jacobs also explained in his piece in the Journal that the S-Corp set up by the Bidens meant that they technically should have paid more than half a million dollars in taxes.
“According to the Urban Institute, a couple featuring one high earner and one average earner, retiring this year, will have paid a total of $209,000 in Medicare taxes during their working lives,” he said.
“The Bidens avoided paying nearly twice that much in Medicare taxes during two years. The maximum payroll tax affected by Mr. Trump’s suspension is $1,984—less than 1/250th of the amount the Bidens avoided in 2017-18. The Bidens didn’t avoid any Social Security tax, which applied only to the first $127,200 of income in 2017 and $128,400 in 2018. But they would under Mr. Biden’s tax plan, which would impose the 12.4% Social Security tax on income over $400,000; the same loophole he used in 2017-18 would shield him from his own tax,” he added.
How exactly can Joe Biden claim that he is trying to protect ObamaCare and Medicare when he isn’t paying the taxes that would support it?