by Garion Frankel
Back when he was just the then-presidential candidate Barack Obama’s running mate, President Joe Biden told ABC’s “Good Morning America” that the plan was “to take money and put it back in the pocket of middle-class people.”
Declaring that wealthier Americans would have to pay more in taxes, Biden proclaimed, “It’s time to be patriotic … time to jump in, time to be part of the deal, time to help get America out of the rut.”
Unlike many of the 2008 Obama-Biden policy positions, taxing the rich is not a proposal that Biden has abandoned. In a Thursday speech, he declared, “I’m sick and tired of corporate America not paying their fair share.”
If paying more taxes is the litmus test that determines whether or not a rich person is patriotic, then it looks like Biden absolutely hates his country.
The Federalist reported Thursday that upon leaving the vice presidency, the Bidens exploited a potentially illegal tax loophole that saved them hundreds of thousands of dollars in payroll taxes.
Between 2017 and 2019, the Bidens claimed $13.5 million made from speeches and book sales as corporate profits, rather than income, the outlet reported.
This allegedly allowed them to avoid paying payroll taxes, and save more than $500,000 in the process. The payroll taxes in question would have been used to pay for Obamacare and Medicare — programs that Biden publicly championed during his tenure as vice president.
But what was so important that the (extremely wealthy) Biden family supposedly needed the extra cash for? Real estate, of course!
“Throughout our careers, Jill and I have dreamed of being able to buy a place at the beach at home where we can bring the whole family. We feel very lucky that we’re now able to make that happen and are looking forward to spending time with our family in the place that matters most to us in the world,” Biden told the Cape Gazette in June 2017.
If you thought the beach house was the only property the Bidens pursued, this report suggests you would be dead wrong. The Federalist furthered that the Bidens rented a house that same year just outside of Washington, D.C., from Mark Ein, a donor and family friend. The monthly rent was apparently “substantial.”
This wasn’t some small studio to use as a home base. The house “features a grand piano in the living room, contains both a sauna and home gym, and advertises parking for 20-plus cars,” according to the Federalist.
“The property contains so much ‘bling’ that a local real estate brokerage created a video advertising all its luxury features,” the outlet reported. The video mentioned can be viewed below — the level of opulence is disgusting.
But, of course, this man wants you to foot the bill for his trillion dollar spending spree.
I guess pulling down $13.6 million in two years isn’t “wealthy”. Idiot Biden is no different than all the other liberals that cry about “tax cuts for the rich” and “paying their fair share” as they duck and dodge their taxes.
Every dollar of the $13.6 million needs to be examined to see how much came from sonny boy, Ukraine and China. Let’s have access to all his returns, not his financial declarations. Let’s see the 1099’s and W2’s.
Now now….it’s about Trump’s taxes! Someday….he’ll be in prison….for something bad…um….like Putin’s opposition.
What an abortion this illegitimate admin is.
Impeach now, and we call for a new election. Actual voters rejected Biden, and actual Democrats rejected Harris.
Dodged 500,000 in taxes?
I’d argue that his 40-50 years of “big guy cuts” were NEVER reported as income. Add a zero to that 500,000 number right from the get go and assume that number is much larger. 50 years getting a 10% “Big Guy Cut” of federal contracts he “negotiated on our behalf” sounds like it would be a big, Big number.
the gay muslim terrorist’s friend race baiter al sharpton owns millions and has not paid it. oh, the race baiter never signed in at the wipe house to visit his gay muslim pres. when the pedophile dies the irs can collect from the estate-right.
And Stacey Abrams. No doubt many other liberals that think OTHER people should be paying a lot more in taxes.
Nothing good is going to come from claiming to be taxing the rich.
It’s a rhetorical game.
Wealthy Americans can avoid paying 90% of the estimated $1 trillion increase in investment taxes that Joe proposed according to a new study from the University of Penn’s Wharton Business School.
Wharton researchers concluded that tax avoidance would cut nearly $900 billion of what the proposed increase on capital gains taxes could raise for the government.
So, it’s no surprise that he’s really good at tax avoidance, too.
The inflation from simply printing up money is eating away at America, from savings, to prices, to shortages, to pretending to pay off the debt.
June 8, 2021 – The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax
“Taken together, it demolishes the cornerstone myth of the American tax system: that everyone pays their fair share and the richest Americans pay the most. The IRS records show that the wealthiest can — perfectly legally — pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year.”
Meanwhile, you’ve been distracted from the fact that the GOP has set up a means for the wealthiest to rapidly inflate their vast fortunes by paying virtually nothing. All that took was an observation that the Bidens “exploited a potentially illegal tax loophole” to reduce their tax bill by $500,000 over a period of three years.
Here’s the problem: Virtually any tax savings strategy is “potentially illegal,” if it can be misused. Additionally, the smear fails to mention the amount that the Bidens DID PAY for the period in question: $3,742,974 in 2017, $1,528,208 in 2018—the two years when their income was inflated as a result of book sales—-and $299,346 in 2019. And that’s only federal taxes.
And your Democrats, who call for higher taxes, are the worst offenders. Regardless, 75% of the tax revenues come from “the wealthy”. What do your beloved illegal immigrants contriubte?
The Bidens paid 31 percent of their income in federal taxes for 2019. VP Harris and her husband paid 39 percent of their income in in federal taxes for 2019. We know this because they made their tax records public.
What did Donald Trump pay?
SALT deductions capped at 10K by Trump tax bill. Democrats upset stuck with paying more taxes. Pelosi and Schumer vow to repeal and give their rich Democrat friends a big tax cut. Democrats supporting tax cuts for the rich.
Bullshit. They dodged a half million in taxes and didn’t even report the millions racist criminal crack head Hunter kicked back to him. Kamala also doesn’t report what she makes from whoring.
We KNOW it ISN’T bullshit because we’ve seen Biden’s annual tax documents for over a decade. You won’t see anything from Trump until it turns up as evidence in criminal court.
I lack your familiarity with whores. They seem to be on your mind a lot.
Only what the corrupt Biden’s declare. Bribes, payoffs and kickpacks don’t usually get declared. There’s not a line for “the 10% my crackhead son kicked back from the Ukrainian bribes and Chinese payoffs.”
Kamala is a whore. I’m familiar with that story, of her whoring herself to get the California AG job.
Enjoy your new found education.
Maybe you should get some education yourself. Anyone who generates unusually high income over a relatively short period of time as a result of individual creative effort who DOESN’T incorporate is a complete idiot. Ask anyone with an understanding of our current tax system.
You don’t seem to want to talk about how much the Bidens DID pay, which was a very substantial percentage of their total income. That has been fully and publicly documented.
And anyone that promotes high taxes for citizens and then evades their own is a liar and a hypocrite. They still aren’t declaring their income from corruption.
The Bidens paid from 31 to 39 percent of their income in federal taxes for the years in question, and state taxes on to of that. This would be AFTER availing themselves of the sort of entirely lawful strategies and deductions that any minimally competent financial advisor would recommend. This is fully documented, because year after year of their tax recorded have been made available for public inspection, and have been gone over by people who would like nothing better than to find something wrong.
Having found NOTHING wrong, they’re reduced to cranking out distortions lies for the right’s brain dead propaganda outlets. That they do this while simultaneously giving Trump and his criminal associates a pass on all manner of unethical, unlawful, and self-serving behavior is comical, although at this point nobody is laughing. He’s a clown that has ceased to be funny.
They ducked $500,000 in taxes. Typical lying, tax evading liberals. Trump created jobs and revenue and paid his share of taxes.
Oh, the left LOVES for everyone else to pay lots of taxes. THEIR money (usually earned from speaking, books or appearances, not WORK) is more valuable, though. They deserve to keep it more than YOU do.
The true tax rates of billionaires, from: The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax
Warren Buffett: one-tenth of one percent. Bezos? Less than one percent. Note the years in question. These actual percentages were BEFORE Trump’s high-end tax cuts went into effect.