A major focus for Democrats during the Trump presidency was Trump’s tax returns.
They wanted them because they wanted to show what tax loopholes Trump used to pay less taxes.
Well, that little stunt is going to backfire, largely because Joe Biden used the same loopholes to avoid paying excess taxes on the millions he made on his book sales and speaking fees after leaving office.
Right is Right
Most of us despise taxes, so this tactic that Democrats used against Trump never really hurt him.
As long as you follow the tax laws and pay that final number, who cares, right?
Well, Democrats wanted Trump to pay more in taxes voluntarily, even though the highest-ranking members of their party did not do the same.
Do you think Pelosi overlooks tax loopholes when she files? Or Bernie Sanders? Or Kamala Harris?
Of course not, and neither did Joe Biden.
Biden is now trying to close tax loopholes that he took advantage of, which would be because he already made his money.
At the heart of the issue for Republicans is the closing of the S-corporation, something that creates a pass through for small business owners and allows you to pay a lower tax rate.
Joe Biden did this in 2017, 2018, and 2019, rerouting a total of $13 million through two different companies.
Now, I want to be clear, Biden did nothing illegal here, but he saved hundreds of thousands of dollars in taxes by doing so.
Republican Study Committee Chairman Rep. Jim Banks (R-IN) stated, “House Democrats used their oversight power to subpoena Trump for his tax returns, but they’ve completely ignored Joe Biden’s abuse of our tax code.
“When we take back the House in 2022, Oversight [Committee] Republicans won’t forget about Biden’s legally dubious tax avoidance schemes.”
Banks actually penned a letter to Joe Biden on March 25, stating, “Press reports indicate that you both directed revenue from book royalties and speaking appearance fees into these two corporations avoiding self-employment payroll tax liabilities that would have flowed to America’s Medicare program that provides care to over 60 million seniors.”
Banks further stated, “The ACA imposed higher taxes on millions of Americans, but not Joe Biden.
“He paid $121,000 less in ObamaCare taxes thanks to an obscure tax loophole. Talk about inside baseball.
“Joe Biden advocated for expanding Medicare and is pushing to close tax loopholes and for a $3 trillion tax hike.
“At the same time, ‘Amtrak Joe’ made $13 million through speaking fees in just three years, then skimped over $500,000 from Medicare recipients through tax loopholes.”
Several publications have already looked into this and have estimated that Joe Biden saved himself about $500,000 in taxes by filing this way.
Yet, I have not yet heard a single media outlet question him about it, nor have I heard any Democrat chair demand an investigation into Joe Biden’s taxes.
You can read more details about Biden’s taxes on Fox News.