Priviledge

New York City NY

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2021 White House press secretary Jen Psaki faced a question from a reporter in the briefing room about why Biden, who constantly claims the wealthy have to pay their “fair share,” avoided over $500,000 in taxes, and whether he owes back taxes. Psaki, expert at dodging the question claimed that such reports had been “debunked”; as usual she provided no references. In 2019, the Wall Street Journal reported that Joe Biden and his wife, Dr. Jill Biden, avoided more than $500,000 in taxes by reporting income as an S corporation rather than as individual taxpayers, thereby dodging Medicare and Obamacare taxes. Biden and his wife, Dr. Jill Biden, routed their book and speech income through S corporations. They paid income taxes on those profits, but the strategy let the couple avoid the 3.8% self-employment tax they would have paid had they been compensated directly instead of through the S corporations. The tax savings were as much as $500,000, compared to what the Bidens would have owed if paid directly or if the Obama proposal had become law. FACT: “There’s no reason for these to be in an S corp—none, other than to save on self-employment tax,” said Tony Nitti, an accountant at RubinBrown LLP who reviewed the returns. … Mr. Biden has decried the proliferation of such loopholes since Ronald Reagan’s presidency and said the tax revenue could be used, in part, to help pay for initiatives to provide free community-college tuition or to fight climate change. If he believed that, wouldn't he pay his "fair share" Far from being “debunked,” the Journal‘s reporting on the Bidens’ taxes was widely accepted as accurate. The Journal referred to the Bidens’ tax avoidance SCHEME again in an op-ed published in 2020, “How the Bidens Dodged the Payroll Tax.” In 2021, the nonpartisan Congressional Research Service (CRS), which works for Congress, sent a memorandum which was first reported by the New York Post, suggesting that taxpayers who used the Bidens’ method COULD OWE BACK TAXES to the Internal Revenue Service. Of course, with interest So Joe and Jill went up the hill and saved $500,000 in taxes. Do you think there is even a chance the new internal revenue agents will look into that. No. Why. He is privileged. He is a democrat The memorandum was never “debunked.”