The turbulent U.S. election is just weeks away. Democrat Joe Biden, who has always portrayed himself as a regular Joe, an ordinary guy, wants you to believe that he is still that regular Joe and that he is just going after the rich guys. He is lying on all counts.
A central aspect of Joe Biden’s “economic plan” is the largest tax increase in history. It is, of course, an anti-economic plan in reality. No rational person could think that it will help a recovering economy to drain it of some $4 trillion in tax increases.
Combined with his war on energy, i.e., his Green New Deal, his plan will likely push us into a depression. Economist Stephen Moore and I wrote as much earlier this year.
Plainly stated, raising the costs on American businesses and entrepreneurs, according to the laws of economics, specifically the Law of Demand, and especially to that degree, cannot improve the economy. It can only diminish it just like a large price increase would reduce sales of any business in a weak economy.
To believe otherwise is not to believe in economics. Sadly, many Americans and even more of our politicians don’t.
Beyond Biden’s anti-economic plan, he persists in lying to Americans about the nature of his tax hikes. Biden repeatedly says that no one will face a tax increase unless they make over $400,000.
In truth, over time, Biden wants to eliminate the Social Security payroll tax cap. That means that a 15 percent payroll tax would be added to the Biden 39.6 percent income tax rate hike. That payroll tax hike will eventually begin for all those making over $137,700.
There is more, however.
Recently, at an event in Pennsylvania, Biden repeated his lie about his tax increase. He said, once again, that no one making under $400,000 would face a tax increase. Then he said, he didn’t make that much and he didn’t think anyone at the event did either.
That too was deceitful. You see, according to the Wall Street Journal, Joe Biden Earned $15.6 Million in Two Years After Leaving Office. A considerable part of that income was in the form of a three-book deal, which was estimated to be worth $8 million.
Ask yourself if you have ever seen a book by Joe Biden, let alone three.
According to Politico, it is worth noting that the Biden deal followed “a similar book deal former President Barack Obama and former First Lady Michelle Obama.” It is also worth noting that the company that paid Biden such a handsome sum of money Macmillan Publishers Ltd. Macmillan is a historic British brand. Who owns and controls Macmillian now? Answer: The German Holzbrinck Group. In other words, a German company. Now ask yourself how Germany feels about President Trump.
There is still more.
Given the outcry over the recent alleged Trump tax returns, you would think Joe Biden was a tax saint, would you not? The answer is: of course not.
Instead, Joe Biden and his wife “used” American tax laws to reduce their tax burden. Keep in mind, Biden’s income was mostly the book deal fees, speaking income, and teaching—the kind of stuff that requires ordinary Americans to pay ordinary income taxes and self-employment taxes.
The Biden’s “reduced” their tax burden using two corporations: CelticCapri Corp. and Giacoppa Corp. The Biden’s then paid themselves a “salary” on part of their income BUT “they circumvented the payroll tax on the nearly 95 percent of their income that remained.” As a business start-up attorney of over three decades, I have never recommended such a scheme.
In doing so, in that questionable manner, the Bidens avoided approximately $385,000 in Medicare taxes—and here is the kicker. The Bidens also avoided paying $120,000 in Obamacare taxes. You know, the law Biden and Democrat claims is necessary to save American healthcare. Biden literally, personally, defunded part of Obamacare—not exactly saintly.
This from the guy who said it patriotic to pay higher taxes.
So, there you have it.
Ordinary Joe Biden, who is demanding a tax increase on Americans, did his best to avoid paying taxes on his million upon millions of his ordinary income. At the same time, he is deceiving Americans about his income while he plans the largest tax increase in history.
Keep that in mind this November as well.
Thomas Del Beccaro is an acclaimed author, speaker, Fox News, Fox Business, and Epoch Times opinion writer, and former chairman of the California Republican Party. He’s the author of the historical perspectives “The Divided Era” and “The New Conservative Paradigm.”
The views expressed herein are solely those of the author. As a nonpartisan public charity, The Epoch Times does not endorse these statements and takes no position on political candidates.