- Does Biden owe the IRS more than $ 500,000 in taxes?
- Republicans have mentioned that a new nonpartisan report would reveal Biden’s debt.
- According to the report, in 2017 the then billionaire owed stratospheric amounts of money to the IRS.
A new report could be the undoing of Joe Biden, according to Republicans. Recently, it was released that there is a nonpartisan report that claims that in 2017, then-billionaire Joe Biden owed large amounts of money to the IRS.
So far, the president of the United States has not offered statements in this regard and remains out of the debate that was created in different media, regarding the debt he is said to owe to the Internal Revenue Service. This episode is similar to the one that happened with Trump, when he refused to talk about his taxes and kept the reports ‘private’.
Biden Debts Tax: Biden’s Debt
In accordance with New York Post, President Joe Biden would have a stratospheric debt with the Internal Revenue Service and that happened at the time when he was on the list of the country’s billionaires. The news outlet indicates that this discovery was made by Republicans in a nonpartisan report.
According to the report found by Republicans, it indicates that President Biden improperly avoided paying Medicare taxes before taking office, which generated surprise and the possibility that he owes the IRS up to $ 500,000 in back taxes and even used one of your companies to avoid payment. Filed Under: Biden Debts Taxes
Biden Debts Tax: The Media Committee Bill
The media outlet indicated that there is a draft of the House Ways and Means Committee bill, which would put an end to the accounting stunt “apparently exploited” by Biden in the past and increase IRS funding for audits. Such news may not please the President of the United States.
This draft not only ensures that it will put an end to Biden’s accounting stunt, but also ensures the president’s large debt with the Internal Revenue Service; the congressman who requested it mentioned that it was written by the Congressional Research Service and released to the media, suggesting that Biden owes taxes under current rules. Filed Under: Biden Debts Taxes
Biden Tax Debts: Comments From Jim Banks
Jim Banks, who is chairman of the Conservative Committee on Republican Studies, announced to The Post one of the most controversial proposals for certain sectors of society, which is to increase the taxes of what they call ‘rich’. So he countered, pointing out one of Biden’s potential big mistakes in evading payroll taxes.
“Joe Biden wants to raise taxes by $ 2.1 trillion while claiming that the rich should pay their ‘fair share.’ But in 2017, billionaire Joe Biden evaded his payroll taxes, the same taxes that Medicare and ObamaCare fund, ”Jim Banks told The Post. Filed Under: Biden Debts Taxes
Biden Debts Tax: You Owe the People
The chairman of the Conservative Committee on Republican Studies, mentioning that the American people should know what Biden has hidden for about four years and that came to light, after Biden wanted to raise taxes by $ 2.1 trillion, which he considers fair to the nation.
“According to the criteria that CRS provided to my office, it owes the IRS and the American people hundreds of thousands of dollars in back taxes,” Banks said in the news outlet, stating that citizens should know the background. in the drives of Joe Biden. Filed Under: Biden Debts Taxes
Biden Debt Tax: Biden’s Hypocrisy
The New York Post commented that Banks said the report shows that Biden misused “S corporations” to avoid paying Medicare tax on conference fees and book sales in 2017 and 2018, so its main purpose was show that Joe Biden was being a hypocrite to the nation.
“Every American should know about Joe Biden’s fiscal hypocrisy,” announced the chairman of the Conservative Committee, who wants to make sure that all citizens know the reality that President Joe Biden went through and his $ 500,000 debt to the Revenue Service Internal. Filed Under: Biden Debts Taxes
Doesn’t include Biden’s name
In 2017 and later, Joe and Jill Biden raised more than $ 13 million through S corporations and counted less than $ 800,000 as Medicare tax-eligible salary, according to data obtained by Wall street journal. So the possible suspect taxpayer that the report talks about would be the current president of the nation.
The Post, announced that the report of CRS It does not name Biden, but looks at cases in which the IRS won a lawsuit against taxpayers who paid suspiciously low wages from S corporations and counted most of the income as “distributions” exempt from Medicare tax.
The statement in the report
The CRS report notes that the statements of presidential taxes, are subject to automatic audit only during the years that a president is in office. In addition, the report also mentions that shareholders-employees will be subject to payroll taxes to divide them into a reasonable compensation.
“The courts have agreed with the IRS that shareholder-employees are subject to payroll taxes when shareholders take distributions, dividends or other forms of compensation in lieu of reasonable compensation,” reads the CRS report that announced the possible Biden failure.
A situation similar to that of … Trump?
The report that came to light, recalls the situation that happened with Donald Trump when he was in the power of the United States and did not want to show his taxes with the IRS. At that time, they even asked Congress not to reveal the report of the former Republican president and it was widely criticized by public opinion.
So much was the problem with Trump’s statements, that there was a trial with a prosecutor to access the former president’s taxes and also a ruling so that Congress did not have the power of the president’s financial documents; this time it became one of the republican’s small victories.
Documents under lock and key
The United States Supreme Court ruled in 2020 that a Manhattan prosecutor could have access at tax returns (taxes) of Donald Trump, but ratified that Congress will not be able to obtain the financial documents of the president it seeks for more than a year.
The result in both cases is at least a short-term victory for Donald Trump, who has sought at all costs to keep his financial documents. locked. The decisions return both cases to lower courts, without a clear picture of when they could be resolved. Several media have published it on their portals news.
The problem Trump faced
The court rejected arguments by Trump’s attorneys and the Justice Department that the president is immune from investigation while in office or that a prosecutor must show a greater than normal need for access to the files. The two judges appointed by Trump, Neil Gorsuch and Brett Kavanaugh, supported the majority.
In its ruling, the Supreme Court upheld a Manhattan prosecutor’s demand to obtain the Republican president’s tax returns as part of a criminal investigation that includes payments to women in exchange for not revealing that they had affairs with Donald Trump.
Did you hide something?
Americans “deserve to know the facts of the worrisome conflicts of interest” that Trump may have incurred while in office, said Nancy Pelosi. Since his first election campaign, Trump has refused to publish his tax returns.
The foregoing with the argument that it was subject to an audit by the IRS, although numerous legal experts assured that no rule prevented him from having disclosed them if he had wanted to. The Justice Department’s decision comes a year after the U.S. Supreme Court ordered Trump to turn over his tax returns to a prosecutor investigating his finances in New York.