The liberal media’s logic on the issue of President Trump’s taxes is flawed, as they desperately attempt to smear him before the upcoming election.
The New York Times published a libelous piece on the president on Sunday, Sept. 27, with claims he only paid a paltry $750 in taxes the year he won the presidency, and another $750 in his first year of office, which the president has disputed, and labeled the story “fake news.”
The president wrote on Twitter in response, “I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits.”
Voters will not be swayed by The Times piece of nonsense, considering the president donates his entire salary each year, amounting to $400,000 annually, back to the government every quarter. In other words, the president has donated more than a million dollars—$1.4 million to be precise—to the federal government.
Another fact that seems to have been overlooked, to release a person’s tax returns without their consent is a federal offense, as pointed out by Tax Freedom’s Ryan Ellis.
Tax evasion and Tax avoidance are totally different
“Here is where the story really falls down,” says Ellis in a tweet thread and an op-ed for the Federalist. “It does not inform the reader about the crucial distinction between tax evasion (illegally misrepresenting income and deductions to fraudulently lessen tax liability) and tax avoidance (legally using available deductions and other tax benefits to legitimately lessen tax liability).
“This difference is the axle upon which the entire story turns.”
“It’s important to pause and note the criminal illegality of this story.
It is a federal crime for any federal, state, or local government employee to release a tax return without the consent of the taxpayer,” said Ellis.
“Ditto for tax lawyers, CPAs, enrolled agents, and other tax professionals.
“Interestingly, it’s also illegal to print or publish tax returns or information from them,” he added.
“Section 7213 of the Internal Revenue Code prescribes that each violation here is a felony punishable by $5,000 and/or five years in federal prison, plus the cost of prosecution. Federal employees so convicted are to lose their jobs,” he added.
The White House press secretary Kayleigh McEnany spoke to Breitbart News on Monday, Sept. 28. She said, “Democrats and the liberal media are desperately trying to smear President Trump ahead of the election, but this trivial attack did not persuade the American people in 2016,” she said.
“For four years, the forgotten men and women of America have watched their President sacrifice his eminently successful business career, generously donate his salary, and tirelessly fight for them every single day.”
The president has technically had to keep $1 per year for legal reasons, as a president is not allowed to hold office for free.
For President Trump, life would have been much more profitable to continue as a very successful businessman without the stress that comes with the top job.
However, his love of America and a desire to set things right for Americans were a burning desire that made money pale by comparison.
To continually insult the president as some mainstream media insist upon, puts Democrats in a bad place. Instead of cooperating with him to make the country great again, they go against him at every opportunity.
Bidens’ exploit a tax loophole
The Bidens created the “S-Corp,” to avoid paying more than half a million dollars in taxes they would otherwise have owed, as exposed in August by the Wall Street Journal’s Chris Jacobs.
Joe Biden blamed President Trump for his partial suspension of payroll-tax collections, calling it the ‘first shot in a new, reckless war on Social Security.’
Biden stated: “Our seniors and millions of Americans with disabilities are under enough stress without Trump putting their hard-earned Social Security benefits in doubt.”
Mr. Biden’s objections might be more persuasive had he and his wife, Jill, not gone out of their way to avoid funding seniors’ entitlement benefits.
According to their tax returns, in 2017 and 2018, the Biden’s avoided payroll taxes on nearly $13.3 million in income from book royalties and speaking fees.
They did so by classifying the income as S-corporation profits rather than taxable wages,” reported Jacobs in WSJ.
Ryan Grim of The Intercept in 2019 noted Biden had used Delaware corporation laws to hide his financial information from the American people.
“The Bidens have used their home state’s financial privacy laws to shield his income from public view, by setting up two tax and transparency-avoidance vehicles known as S corporations,” Grim wrote.
“He and his wife Jill Biden called them CelticCapri Corp. and Giacoppa Corp.
Money Biden made from book deals and speeches flowed into the S corporations and was then remitted to Biden and his wife as ‘distributions’ rather than salary.
When money is funneled through an S corporation, the recipient doesn’t owe Social Security or Medicare taxes on it, nor can the source of revenue be traced.
And how can Mr. Biden claim to protect Medicare and ObamaCare when he avoided more than $500,000 in taxes that fund the two programs?
The media have largely ignored the Bidens’ accounting legerdemain, fixating on Mr. Trump’s tax returns instead. But at least the president isn’t looking to raise taxes on everyone else,” as reported by Breitbart News.