Thought Trump’s Taxes Were Bad? Joe Biden Reportedly Owes $500K

For four long years, leftist Democrats whined about former President Donald Trump’s repeated refusal to release his tax returns, claiming that he must be hiding something.

Well, if a new report is to be believed, President Joe Biden was the candidate with something worth hiding.

The president “improperly avoided paying Medicare taxes before he took office” and could owe the IRS up to $500,000 in back taxes, according to the New York Post.

Following the document’s release, Banks excoriated the president for his reported hypocrisy, saying “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.”

“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, according to the New York Post.

“Every American should know about Joe Biden’s tax hypocrisy.”

According to Banks, in 2017 and 2018, Biden avoided paying Medicare taxes on various fees related to both book sales and speaking fees by using “S corporations” improperly.

While the report from CRS never names Biden specifically, it does analyze cases where the IRS held various taxpaying individuals accountable who had been paying themselves relatively low salaries through S corporations, counting most of the revenue as “distributions” which then exempted them from Medicare tax.

According to The Wall Street Journal, the president and first lady Jill Biden have reported over $13 million through S corporations.

Less than $800,000 of that was counted as salary eligible for the Medicare tax, meaning the Bidens could very well have avoided paying the tax on the remaining millions.

This news, highlighting possible tax irregularities on the part of Biden, is especially revealing given what the media was talking about nearly a year ago to the day.

On Sept. 27, 2020, The New York Times released a report supposedly exposing that Trump had only “paid $750 in federal income taxes the year he won the presidency” and only $750 in 2017 as well.

Then, following its publication, that very same article came with its own fact check hidden 77 paragraphs after the above quote, admitting that Trump had actually paid $1 million in taxes in 2016 and $4.2 million in 2017.

Suffice it to say, the establishment media went out of its way to excoriate Trump for possible improprieties when it came to his own taxes.

Sadly, it’s unlikely those outlets will hold Biden’s feet to the fire in any sort of similar fashion — especially after they all spent an entire election cycle working to ensure he won the presidency.

Via  The Western Journal

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