As I have stated before, any tax increase on ‘the rich’ wind up impacting the middle class rather than the rich. Those creating tax policy seem to forget that ‘the rich’ have tax accountants that help them avoid paying the tax increases. That is not illegal, but it is particularly annoying when those avoiding the taxes are the same people who are increasing the taxes on everyone else.<\/p>\n
On Wednesday The Federalist<\/a> posted an article about the Biden’s income tax returns.<\/p>\n The article reports:<\/p>\n On Monday, the delayed due date for filing federal taxes for the last calendar year, the White House made a theatrical show of releasing President Biden\u2019s 2020 tax returns<\/a>. In so doing, the new administration wanted to show a contrast with Biden\u2019s predecessor, Donald Trump, who did not release his tax returns.<\/strong><\/p>\n But while the White House emphasized the release of Biden\u2019s returns, it does not want reporters to scrutinize the content<\/em> of those returns, because doing so would highlight a pattern of hypocritical behavior by the current president and his family. To wit: For the fourth year running, the First Family used a questionable tax loophole<\/a> to avoid paying more than $500,000 in Medicare and Obamacare taxes \u2014 a loophole that the Biden administration now claims it wants to close.<\/strong><\/p>\n The article includes the following information:<\/p>\n But Jill Biden continued to use this loophole in 2020 on earnings from her corporation. As the chart below shows, the Bidens avoided a total of $516,992 in taxes over the past four years:<\/strong><\/p>\n The article concludes:<\/p>\n The president\u2019s tax plan also includes provisions to \u201cincrease investment in the IRS, while ensuring that the additional resources go toward enforcement against those with the highest incomes.\u201d If Joe Biden believes in this provision so much, he should start by asking the IRS to audit his 2017 through 2020 tax returns, given that tax experts have called<\/a> his use of the \u201ccorporate profits\u201d loophole so aggressive as to potentially violate federal guidelines.<\/strong><\/p>\n The current febrile atmosphere of cynicism and contempt toward Washington stems in large part from politicians who say one thing and do another. For Joe Biden \u2014 who preaches \u201ctax fairness,\u201d yet uses loopholes he wants to eliminate for others \u2014 to understand this phenomenon should not take much effort. He only need to look in the mirror.<\/strong><\/p>\n In the Biden administration, the rules only apply to the little people.<\/p>\n","protected":false},"excerpt":{"rendered":" As I have stated before, any tax increase on ‘the rich’ wind up impacting the middle class rather than the rich. Those creating tax policy seem to forget that ‘the rich’ have tax accountants that help them avoid paying the … Continue reading \n\n
\n <\/td>\n 2017 Return<\/strong><\/td>\n 2018 Return<\/strong><\/td>\n 2019 Return<\/strong><\/td>\n 2020 Return<\/strong><\/td>\n<\/tr>\n \n Total Wages Paid<\/strong><\/td>\n $245,833<\/strong><\/td>\n $500,000<\/strong><\/td>\n $308,932<\/strong><\/td>\n $200,000<\/strong><\/td>\n<\/tr>\n \n Total Corporate Profits<\/strong><\/td>\n $10,048,739<\/strong><\/td>\n $3,236,764<\/strong><\/td>\n $228,703<\/strong><\/td>\n $90,854<\/strong><\/td>\n<\/tr>\n \n Medicare Taxes Avoided (2.9% of Corporate Profits)<\/strong><\/td>\n $291,413<\/strong><\/td>\n $93,866<\/strong><\/td>\n $6,632<\/strong><\/td>\n $2,635<\/strong><\/td>\n<\/tr>\n \n Obamacare Taxes Avoided (0.9% of Corporate Profits)<\/strong><\/td>\n $90,439<\/strong><\/td>\n $29,131<\/strong><\/td>\n $2,058<\/strong><\/td>\n $818<\/strong><\/td>\n<\/tr>\n \n Total Taxes Avoided<\/strong><\/td>\n $381,852<\/strong><\/td>\n $122,997<\/strong><\/td>\n $8,691<\/strong><\/td>\n $3,452<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n