Joe Biden may owe IRS $500k in back taxes

Joe Biden may owe the Internal Revenue Service $500k in back taxes, says Fox News. Biden reportedly may have used “S corporations” to avoid paying taxes on speaking fees and book sales. He is accused of saving tax money by avoiding paying a 3.8% self employment tax. 

Fox has written that Biden may have avoided paying Medicare taxes. This was based on a statement made by Representative Jim Banks, (R. Indiana). 

 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,” said Banks, as he was quoted by New York Post. 

Banks cited a report on Biden’s payroll taxes. He notes that payroll taxes fund Medicare and Obamacare. 

Banks pointed out that Biden used “S Corporations” to dodge paying certain payroll taxes while he and Dr. Jill Biden “raked in $13million,” from books and speaking engagements. 

Congressional Research Service has audited Joe Biden’s finances. A memorandum was released on September 21. It was published by the Office of Representative Jim Banks. The memorandum updated another that was issued on September 15. 

In the memorandum issued on September 15, was a request to audit Biden’s individual tax returns. It also looked at his payroll activity, reasonable compensation, as well as administrative questions about auditing a President while in office. 

New York Post writes that a bill by the House Way and Means Committee would rule out a loophole that Biden may have exploited to avoid paying these taxes.

The Post notes that Biden’s actions and S Corporation loopholes may violate the rules as they currently are. 

Meanwhile, The White House issued a statement in defense of the Bidens’ salaries. The statement claims that the earnings were “in good faith.” 

Banks called out Biden for “owing the American people hundreds of thousands of dollars,” in back taxes.

Fox reported that, because there are millions of S Corporations in America, it is possible that many of them are likewise violating tax conditions.

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