On Sunday September 27th the New York Times published an article entitled “Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance”. The article was based on illegally obtained copies of the President’s tax returns for the last twenty years. It uses the term “tax avoidance” to gratuitously smear the President and to create talking points to be repeated endlessly by the anti-Trump media. Tax avoidance is defined as the use of legal methods to minimize the amount of income tax owed by an individual or a business. Note the word “legal” in the definition. The Democrat talking points attempt to conflate tax avoidance with tax evasion which is illegal. Tax evasion occurs when income is underreported or deductions are falsified in order to decrease an individual or business’s tax liability. As many in the public are unaware of these definitions and are led to believe that something untoward occurred.
As the media chooses to focus only on President Trump’s tax returns. I think it’s time we take a look at Joe Biden’s tax returns. Here are the returns for 2016, 2017, 2018 and 2019:
The first observation is that Biden had to amend both his 2017 and 2018 tax returns. In 2017 on his initial return he did not report the salary he received as Vice President for the first 3 weeks of 2017. The return claims he did not receive a W-2 from the Federal government. He also overstated his charitable contributions by $3,000 by claiming his contribution to the Tragedy Assistance Program for Survivors twice. In 2018 on his initial return, he deducted a $25,000 contribution to Walking with the Wounded, a United Kingdom based charity that is not an IRS recognized charity in the United States and therefore not deductible.
Most notable on his 2016 return is the $18,733 profit he earned from charging the Secret Service rent for a cottage on his property in Wilmington, Delaware. This Washington Times piece from 2011 discusses this in detail:
Beginning in 2017 when Biden is no longer Vice President we see a massive increase in income on his tax return.
The source of this income remains in doubt. Biden and his wife claim it’s from book advances and speaking fees. Here is what we do know. In January of 2017, shortly after leaving office Joe Biden formed an S Corporation called CelticCapri Corp.
Jill Biden also formed an S Corporation in March of 2017.
The reasoning for the formation of these entities is twofold first, it helps disguise the trail of income and maintains privacy.
Why such a need for privacy? The question the media fails to ask is this, after learning of Hunter Biden’s business dealings in the Ukraine, Russia and China, as detailed in the Senate Committee on Homeland Security Report detailed in the report below:
Did any of Hunter Biden’s income received from his shady foreign dealings make it back Joe or Jill Biden’s corporations? That would be a classic case of money laundering but it’s a question we may never know the answer to.
Second, it allows for the Bidens to legally avoid hundreds of thousands of dollars in payroll taxes including Medicare taxes which support our healthcare system that Biden claims Trump is trying to undermine
While Joe Biden’s accusations against President Trump regarding his tax returns and alleged corruption maybe a case of projection. If we had an honest media we would know if that is true or not, but for now we have to remember the fake news is the enemy of the people.