So it turns out that tax-the-rich Joe may owe $500,000 in back taxes!

Sep 24th

The guy has become a multimillionaire by existing off your taxpayer dollars since the 1960s, so this isn't hard to believe:

Democrat President Joe Biden, who has repeatedly demanded that the wealthy "pay their fair share" in taxes, may owe up to $500,000 in back taxes, according to a lawmaker's analysis of a new non-partisan congressional report.

The report comes as Biden is pushing his party to pass a massive $3.5 trillion bill that has been widely criticized as a leftist wish list, which comes as inflation rates have skyrocketed under Biden's presidency. The report also comes as Biden is trying to beef up the IRS by $80 billion to crack down on what he claims are people not paying their taxes.

Apparently, Joe misused "S corporations" as a way to avoid paying Medicare tax on various book sales and speaking fees between 2016 and 2020.

The New York Post reports:

Biden and first lady Jill Biden routed more than $13 million through S corporations and counted less than $800,000 of it as salary eligible for the Medicare tax — exempting the rest from what would have been a 3.8 percent rate, the Wall Street Journal reported. The CRS report doesn't name Biden but analyzes cases in which the IRS won a judgment against taxpayers who paid themselves suspiciously low salaries from S corporations and counted most of the revenue as "distributions" exempt from the Medicare tax. …

Tax law experts told The Post that the CRS report underscores the long-standing controversy, but that it doesn't necessarily break new ground. They say the IRS simply doesn't have the resources to make sure that all S corporations reasonably assess what counts as salary.

So Joe wants to tax us all into oblivion while he skirts the rules to keep more of that cash he's amassed over a lifetime of civil "service."

What makes it even worse is that Biden wants to ramp up the IRS to track every single transaction you make on every single platform so the government knows everything you buy and sell.

Reason Magazine's October issued noted that Biden's plan to beef up the IRS by $80 billion would effectively result in a world where "every one of your noncash financial transactions—a restaurant meal, a Venmo transfer to a friend, maybe some bitcoin bought on the dips—was automatically reported to a beefed-up, audit-hungry IRS."

"That dystopia will become a reality if President Joe Biden gets his way," the report said. "Biden, Treasury Secretary Janet Yellen, and key Capitol Hill allies such as Sen. Elizabeth Warren (D–Mass.) are pushing a vast, intrusive financial surveillance system in the name of closing the ‘tax gap.'"

I remember that Trump guy getting slammed for apparently not paying his taxes.

Joe will be treated the same way, right??


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