{"id":807386,"date":"2021-09-23T19:44:17","date_gmt":"2021-09-23T23:44:17","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=807386"},"modified":"2021-09-23T19:44:21","modified_gmt":"2021-09-23T23:44:21","slug":"biden-who-demands-people-pay-their-fair-share-in-taxes-may-owe-up-to-500000-in-back-taxes-report","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-who-demands-people-pay-their-fair-share-in-taxes-may-owe-up-to-500000-in-back-taxes-report\/","title":{"rendered":"Biden, Who Demands People \u2018Pay Their Fair Share\u2019 In Taxes, May Owe Up To $500,000 In Back Taxes: Report"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">38<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-who-demands-people-pay-their-fair-share-in-taxes-may-owe-up-to-500000-in-back-taxes-report%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=807386&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/09\/Biden-15-scaled-1.jpg?w=1200&amp;h=800&amp;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" \/><\/div>\n<p>Democrat President Joe Biden, who has repeatedly demanded that the wealthy \u201cpay their fair share\u201d in taxes, may owe up to $500,000 in back taxes, according a lawmaker\u2019s analysis of a new non-partisan congressional report.<\/p>\n<p>The report comes as Biden is pushing his party to pass a massive $3.5 trillion bill that has been widely criticized as a leftist wish list, which comes as inflation rates have skyrocketed under Biden\u2019s presidency. The report also comes as Biden is trying to beef up the IRS by $80 billion to crack down on what he claims are people not paying their taxes.<\/p>\n<p>The New York Post <a href=\"https:\/\/nypost.com\/2021\/09\/23\/biden-could-owe-as-much-as-500k-in-irs-taxes-report\/\">reports<\/a>:<\/p>\n<blockquote readability=\"11\">\n<p><em>A House Ways and Means Committee draft of the bill would end the accounting trick apparently exploited by Biden and boost IRS funding for audits \u2014 but the new report, drafted by the Congressional Research Service and provided to The Post, suggests Biden owes taxes under current rules, according to the congressman who requested it.<\/em><\/p>\n<\/blockquote>\n<p>\u201cJoe Biden wants to raise taxes by $2.1 trillion while claiming the rich need to pay their \u2018fair share.\u2019 But in 2017, multi-millionaire Joe Biden skirted his payroll taxes \u2014 the very taxes that fund Medicare and Obamacare,\u201d Rep. Jim Banks (R-IN), chairman of the Republican Study Committee (RSC), said in a statement to the Post.&nbsp;\u201cAccording to the criteria CRS provided to my office, he owes the IRS and the American people hundreds of thousands of dollars in back taxes. Every American should know about Joe Biden\u2019s tax hypocrisy.\u201d<\/p>\n<p>Banks alleged that the report shows that Biden, who is not actually named in the report, misused \u201cS corporations\u201d to avoid paying Medicare tax on speaking fees and book sales while he was out of office during the Trump administration.<\/p>\n<p>The Post added:<\/p>\n<blockquote readability=\"14.399249061327\">\n<p><em>Biden and first lady Jill Biden routed more than $13 million through S corporations and counted less than $800,000 of it as salary eligible for the Medicare tax \u2014 exempting the rest from what would have been a 3.8 percent rate,&nbsp;<a href=\"https:\/\/www.wsj.com\/articles\/joe-biden-used-tax-code-loophole-obama-tried-to-plug-11562779300\" target=\"_blank\" rel=\"noreferrer noopener\">the Wall Street Journal reported<\/a>. The CRS report doesn\u2019t name Biden but analyzes cases in which the IRS won a judgment against taxpayers who paid themselves suspiciously low salaries from S corporations and counted most of the revenue as \u201cdistributions\u201d exempt from the Medicare tax. \u2026<\/em><\/p>\n<p><em>Tax law experts told The Post that the CRS report underscores the long-standing controversy, but that it doesn\u2019t necessarily break new ground. They say the IRS simply doesn\u2019t have the resources to make sure that all S corporations reasonably assess what counts as salary.<\/em><\/p>\n<\/blockquote>\n<p>Reason Magazine\u2019s October issued <a href=\"https:\/\/reason.com\/2021\/09\/08\/bidens-total-financial-surveillance\/\">noted<\/a> that Biden\u2019s plan to beef up the IRS by $80 billion would effectively result in a world where \u201cevery one of your noncash financial transactions\u2014a restaurant meal, a Venmo transfer to a friend, maybe some bitcoin bought on the dips\u2014was automatically reported to a beefed-up, audit-hungry IRS.\u201d<\/p>\n<p>\u201cThat dystopia will become a reality if President Joe Biden gets his way,\u201d the report said. \u201cBiden, Treasury Secretary Janet Yellen, and key Capitol Hill allies such as Sen. Elizabeth Warren (D\u2013Mass.) are pushing a vast, intrusive financial surveillance system in the name of closing the \u2018tax gap.&#8217;\u201d<\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Democrat President Joe Biden, who has repeatedly demanded that the wealthy \u201cpay their fair share\u201d in taxes, may owe up to $500,000 in back taxes, according a lawmaker\u2019s analysis of &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-807386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/807386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=807386"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/807386\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=807386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=807386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=807386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}