'Something to hide': Bidens didn't pay 'fair share' again in 2021, analyst charges
Avoided payroll-tax obligations with special maneuver
By Bob UnruhPublished April 18, 2022 at 1:14pm
President Joe Biden and First Lady Jill Biden walk along the beach at the Carbis Bay Hotel and Estate for the G7 welcome ceremony Friday, June 11, 2021 in St. Ives, Cornwall, England. (Official White House photo by Adam Schultz)
The founder of Juniper Research Group, who already had filed a previous complaint to the IRS regarding Joe Biden's tax avoidance, now is charging in a column at the Federalist that Biden is doing it again.
Chris Jacobs, founder of his company and author of "The Case Against Single Payer, has served as a senior health policy analyst for the Texas Public Policy Foundation and a senior policy analyst at The Heritage Foundation's Center for Health Policy Studies.
He explained simply that Biden's taxes for 2021 were released on Good Friday, because he "does have something to hide."
"He apparently has a dirty little secret—actually, it’s a pretty big secret—that he doesn’t want the American people to learn about. According to his own Treasury Department, Biden didn’t 'pay his fair share' in taxes, and hasn’t for several years," he explained.
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"Upon leaving the vice presidency in January 2017, Biden and his wife Jill established two S-corporations to handle their book and speech income. By characterizing most of their income as profits from the corporations rather than wages, the Bidens were able to avoid payroll taxes on more than $13 million worth of income," he explained.
It happened again in 2021.
"They were back at it again, writing off $61,995 in corporate profits as exempt from payroll taxes, as evidenced on page 13 of their returns," he said.
"This $61,995 gets broken down in two ways: $29,234 comes from Joe Biden’s CelticCapri Corporation, while $32,761 comes from Jill Biden’s Giacoppa Corporation. In the president’s case, Biden avoided paying 3.8 percent tax on his nearly $30,000 in corporate profits—2.9 percent that funds Medicare, and an additional 0.9 percent imposed by Obamacare," he explained.
"Jill Biden, who earned roughly $67,000 as a teacher at Northern Virginia Community College last year, avoided far more in taxes, as she did not reach last year’s Social Security wage cap of $142,800. Because she would have had to pay Social Security taxes on all wages up to the wage cap, classifying her nearly $33,000 in book income as corporate profits rather than wages meant Jill Biden didn’t just avoid paying Medicare taxes on these earnings—she avoided paying Social Security taxes as well."
He said, "All told, the Bidens seem to have dodged more than $6,100 in Medicare and Social Security taxes in 2021 alone."
That follows on their avoidance of "at least $517,000 in Medicare and Obamacare taxes from 2017 through 2020, he wrote.
"At least part of their scheme included potentially illegal tactics. As I have alleged in a complaint to the IRS regarding both Biden’s tax returns and his accountant’s conduct, I—along with many other tax experts—believe that in 2017 and 2018, Biden paid himself such a low salary as to violate IRS guidelines on 'reasonable compensation,'" he said.
He pointed out last year's Treasury budget specifically cited such a situation, charging that "Different treatment [i.e., allowing S-corporation profits to avoid payroll tax] is unfair, inefficient, distorts choice of organizational form, and provides tax planning opportunities for business owners, particularly those with high incomes, to avoid paying their fair share of taxes."
Jacobs said Biden, if he cared about the rich "paying their fair share," would "get out his checkbook, and write a check for the hundreds of thousands of dollars in Medicare and Obamacare taxes he appears to have dodged for the past five years."
WND reported back in 2021 that the Bidens used a "trick" to avoid paying half a million dollars in payroll taxes after he left the office of vice president.
Rep. Jim Banks, then chairman of the conservative Republican Study Committee, told Fox News that the Bidens improperly used "S corporations" to rake in more than $13 million on speaking feeds and book sales in 2017 and 2018.
The maneuver allowed them to count less than $800,000 of that as "salary" that could be taxed for Medicare.
The Bidens released their tax returns during the president campaign, documenting that they avoided $500,000 that would have been due under the 3.8% self-employment tax had they not used S corporations.
At the time, the campaign said in a statement the Bidens were committed "to ensuring that all Americans pay their fair share."
"There are millions — literally millions — of S corporations. So there might be a half a million S corporations that are playing this game," John Bogdanski, who served as a member of the IRS Commissioner’s Advisory Group, told Fox.. "And the IRS doesn’t have anywhere near enough of a budget to bring a half a million cases every year."
Jacobs, at the time, cited the Bidens' maneuvers.
"With his own taxes, Joe Biden didn't pay his 'fair share,'" he said then. "Upon leaving the vice presidency in early 2017, he and his wife Jill exploited a tax loophole of questionable legality to dodge hundreds of thousands of dollars in taxes – and used the savings to fund lavish real estate holdings."
Biden's two S-corporations, CelticCapri Corp. and Giacoppa Corp., reported profits of more than $13 million for 2017 and 2018, according to reports.
https://www.wnd.com/2022/04/something-hide-bidens-didnt-pay-fair-share-2021-analyst-charges/
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