Showing posts with label Taxes. Show all posts
Showing posts with label Taxes. Show all posts

Biden owes 500k in taxes? Say it ain't so JOE!?

Remember like we have been saying for years Biden does crimes, and projects it to others, and the left has been following this script for years also. I’m sure you all remember the big to do about Trumps tax audit, and returns which turned out to be a big old NOTHING burger? Well looks like that Biden may have improperly used ‘S corporations’ to avoid taxes on speaking fees and book sales in the sum of 500k which folks should be investigated along with other crimes he’s guilty off. BUT The left wont, and will silence the media on this fact, and wont admit that he’s dirty and should be in prison.

Watch Greg Gutfeld blasts Dems for accusing you of what they are doing! He totally destroy this!

The money that President Biden may have improperly avoided paying on are Medicare taxes before he took office and could owe the IRS up to again $500,000, according to a Congressional Research Service report.

“Joe Biden wants to raise taxes by $2.1 trillion while claiming the rich need to pay their ‘fair share.’ But in 2017, multi-millionaire Joe Biden skirted his payroll taxes the very taxes that fund Medicare and Obamacare,” said Rep. Jim Banks, who chairs the conservative Republican Study Committee.

Banks said the report indicated that Biden improperly used “S corporations” while he and first lady Jill Biden raked in over $13 million on speaking fees and book sales in 2017 and 2018, but counted less than $800,000 of it as a salary that could be taxed for Medicare. The White House pointed to a Biden campaign statement that defended Biden’s actions. “The salaries earned by the Bidens are reasonable and were determined in good faith, considering the nature of the entities and the services they performed,” the statement said, calling the use of the corporations a “common method for taxpayers who have outside sources of income to consolidate their earnings and expenses.”

Biden is leading the charge to pass a $3.5 trillion bill that would help fund child care, education and health care. In order to help pay for the cost of the massive legislation, Biden’s plan calls for targeting tax avoidance while raising taxes on people in high-income brackets who Biden claims don’t “pay their fair share.”

A draft of the bill includes a provision that would close loopholes similar to the one Biden used, though the report indicates that Biden would still owe taxes under the current rules, as well and that the report does not name the president, but it analyzes cases where the IRS won a judgment against taxpayers who improperly exploited the S corporations to avoid the Medicare tax.

But when the Bidens released their tax returns during his presidential campaign, they showed that the couple saved up to $500,000 by avoiding the 3.8% self-employment tax with the S corporations. “As demonstrated by their effective federal tax rate in 2017 and 2018 which exceeded 33% the Bidens are committed to ensuring that all Americans pay their fair share,” the Biden campaign said in a statement at the time. Some experts believe that the IRS does not have the resources to investigate all the taxpayers who may abuse S corporations to avoid taxes.

“There are millions literally millions of S corporations. So there might be a half a million S corporations that are playing this game,” said John Bogdanski, who served as a member of the IRS Commissioner’s Advisory Group. “And the IRS doesn’t have anywhere near enough of a budget to bring a half a million cases every year.” Yeah but this one ran for the highest land in office, and after years of spreading lies on the guy who came before him. So it’s only right that he’s subject to an open investigation, and should be put in his place as he’s once again doing whatever he wants while smearing Trump, and raping the US Tax Payers.

Trump wins again! This one's on his tax returns.

Trump wins again this time on a delay in New York court’s fight over producing his tax returns where earlier Monday, a federal judge tossed the president’s lawsuit that sought to block the release of his business and personal tax documents. The stay was issued not long after a federal judge rejected Trump’s claim that he was immune from criminal investigations in a bid to block a subpoena from the Manhattan district attorney seeking eight years of personal and business tax returns.

As a result of the stay, Mazars USA, the president’s tax preparer, doesn’t have to hand over the documents by 1 p.m. Monday, as was required. A panel of appellate judges will hear the case on an expedited basis and then issue a ruling. Earlier Monday, U.S. District Court Judge Victor Marrero tossed the lawsuit Trump’s legal team had brought against District Attorney Cyrus Vance arguing Vance should not receive Trump’s tax returns because “virtually all legal commentators agree’ that a sitting President of the United States is not ‘subject to the criminal process’ while he is in office.”

In a 75-page order, Marrero called the presidential immunity Trump invoked in the lawsuit to stop the production of tax documents “unqualified and boundless.”

“As the court reads it, presidential immunity would stretch to cover every phase of criminal proceedings, including investigations, grand jury proceedings and subpoenas, indictment, prosecution, arrest, trial, conviction, and incarceration,” Marrero wrote. “That constitutional protection presumably would encompass any conduct, at any time, in any forum, whether federal or state, and whether the President acted alone or in concert with other individuals.”

The judge said he couldn’t accept that legal view, “especially in the light of the fundamental concerns over excessive arrogation of power” that led the founding fathers to create a balance of power among the three branches of government.

In response to Trump asserting that not only he but also his family, businesses and associates were immune from producing documents, Marrero ruled that presidents, their families and businesses were not above the law. Trump appeared to react to the judge’s order on Twitter, writing: “The Radical Left Democrats have failed on all fronts, so now they are pushing local New York City and State Democrat prosecutors to go get President Trump.”

“A thing like this has never happened to any President before,” he said. “Not even close!” And he’s 100% correct about this, and while Marrero’s ruling amounted to an excoriation of Trump’s position. In it, he wrote that “as articulated, such sweeping doctrine finds no support in the Constitution’s text or history, or in germane guidance charted by rulings of the United States Supreme Court.”

“The Court cannot square a vision of presidential immunity that would place the President above the law with the text of the Constitution, the historical record, the relevant case law, or even the DOJ Memos on which the President relies most heavily for support,” Marrero wrote, adding that contrary “to the president’s claims, the court’s conclusion today does not ‘upend our constitutional design.’ Rather, the court’s decision upholds it.”

At another point in the ruling, Marrero invoked the Founding Fathers’ repudiation of “the inviolability of the person of the King of England” and the “protective screen covering the Crown’s actions from legal scrutiny,” noting again that the Constitution conferred no such shield for a president.

A grand jury subpoena for the documents was issued by the Manhattan D.A.’s office to Mazars USA, which prepares the president’s tax returns, a little more than a month ago as part of a probe into the Trump Organization about payments made to two women who allegedly had affairs with the president years ago before he was the President.

Trump attorney Jay Sekulow said, “We are very pleased” by Second Circuit Court of Appeals’ decision to issue a stay. The White House and Manhattan district attorney’s office declined comment. Last week, the Justice Department joined Trump in his battle to block Vance’s subpoena from being enforced, and while the Constitution does not provide explicit guidance on whether a president can charged with a crime while in office, a Justice Department Office of Legal Counsel memo states a president cannot be charged while in office. That memo has proven influential in past investigations involving Trump. However, that memo does not cover the act of merely investigating a sitting president. And Vance, who is a state official, is not bound by that guidance.

Vance is investigating payments made to two women, porn star Stormy Daniels and ex-Playboy model Karen McDougal, to silence their allegations of affairs with Trump prior to the 2016 presidential election. Trump has denied any affair with Daniels, and I find it funny the same people who once defended the very GUILTY Bill Clinton now want to impeach Trump over rumors, allegations of an affair he might have had what years before he was President? Ironic or just shows the total hypocrisy of the left once more? Remember folks this is all being done by the SAME PEOPLE! Nasty Nancy Pelosi, Jerry “Pants to my nipples” Nadler, and the rest of the same clowns from then.

Trump’s former attorney and fixer Michael Cohen is currently serving a three-year prison sentence for a litany of crimes that included facilitating those payments. In the case of Daniels, Cohen was reimbursed by Trump and his business for the illegal $130,000 expenditure he made to silence her the current battle represents just one many of Trump’s multistate effort to keep his tax records private. Which he’s got every right too under the law.

In Washington, D.C., the president is currently suing to stop Congress from being able to access his state tax returns through a recently signed New York law. And his Treasury Department is currently fighting the House Ways and Means Committee to prevent the release of the president’s tax information to that panel, and thus becoming PUBLIC records which can cause him a major headache well after he’s out of office, and can expose all his other past business dealings to people who want to harm him and his family or personal business. This is why it’s not a law that states that a president MUST release their taxes. No POTUS has ever been forced to or made to by congress or any other body in government before. Why? Because of the witch hunt to harm this man.

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Meanwhile, a California judge last week temporarily blocked a new law aimed at forcing Trump to release his tax returns in order to appear on the ballot next fall… Marking another victory for the President, and while we know California is a heavy DemoncRATs territory he does have support in there also, and needs every vote even if he wins the electoral college.

While it is tradition for presidential candidates to release his or her tax returns, it is not required by law. Trump became the first major party nominee in four decades to withhold his tax information from the public when he sought office in 2016. But it’s not required by any law so once again this is the left trying it’s hardest to make up laws at will, and do what they want, and continue this witch hunt on a President they simply didn’t like from before he won the election. This just keeps escalating because they cannot concede that HE WON!

Trump has consistently cited an audit as the rationale for withholding his records. As president, his taxes come under audit annually. But this is not the only reasoning provided by the White House for why Trump has refused to make his tax information public. In April, then-White House press secretary Sarah Sanders claimed Democrats were not “smart enough” to read Trump’s returns. But the bottom line is he’s under NO LAW that says he must turnover his tax documents so again this is just more proof of biased behavior by the left to find ANYTHING on Trump they can use against him, and this needs to stop! They’ve wasted 3 or 4 years now on this bullshit witch hunt, and have done NOTHING for the people of this country.