Joe Biden wants to raise taxes on the American people.
What he doesn’t want them to know is that he hasn’t even been paying his own.
But now, one massive tax scandal just broke that has Joe Biden scrambling like never before.
The centerpiece of Joe Biden’s economic agenda is a pledge to raise taxes during his first term in office.
Despite the American economy’s fragile recovery from the 2020 stock market crash, tens of millions are unemployed due to draconian lockdowns in Democrat-dominated states, and looming inflation brought about by the Federal Reserve’s reckless money-printing, Biden believes the best thing for the economy right now is a massive tax hike.
Of course, Biden promises that only “the wealthy” will “pay their fair share.” In fact, the President has been leaning on that buzzword so often that it has become one of the most repeated phrases of his most recent address to Congress.
But what is hiding from the American people is the fact that he himself hasn’t been paying his own taxes.
Despite being worth millions, Biden has been dodging taxes, up to $500,000 according to a new report by The Federalist:
“Upon leaving the vice presidency in early 2017, [Joe Biden] 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. From 2017 through 2019, Joe and Jill Biden classified a total of $13.5 million in book and speech income as profits from their two corporations, rather than as cash wages.”
The Federalist adds, “While the couple paid full income taxes on all their revenue, classifying most of their earnings as corporate profits rather than wages allowed the Bidens to avoid paying $513,540 in payroll taxes on their $13.5 million in declared corporate profits. Tax experts interviewed by the Wall Street Journal in 2019 called the Bidens’ maneuvers “pretty aggressive,” and stated that they existed solely to circumvent paying payroll taxes.”
Biden’s tax schemes were simply a complex way that wealthy and powerful politicians like himself can avoid paying taxes, while at the same time railing against “the wealthy” for not “paying their fair share.”
It’s a classic political bait-and-switch that allows politicians to use populist or socialist rhetoric to earn votes come election time, while avoiding having to follow the same set of rules they promise to impose on the rest of “wealthy” Americans.
But that’s not all, The Federalist also reports that “At the same time the Bidens were dodging payroll taxes, they spent significant sums expanding their real estate holdings. In 2017, the same year Joe Biden received a reported $8 million book advance, the Bidens paid more than $2.7 million for a beach house at the Delaware shore.”
Biden’s own tax evasion strategy allowed him to live a lifestyle that he never would have been able to afford outside of politics.
It’s this sort of political hypocrisy that routinely makes the political class one of the least-trusted, most-hated groups in America.