Following yesterday’s NY Times bombshell (that is actually a nothingburger) about President Trump’s questionably acquired tax returns, one of the big focus points is how much the President paid over the years in income tax. They’re playing on the ignorance of the American people who do not understand how taxes, depreciation, and real estate investing work at that level, but nevertheless it makes for a great talking point. On Twitter, many are making a big deal about the notion that President Trump paid $750 in 2016 and 2017 while bragging that Joe Biden paid much, much more.
Federal income taxes paid in 2017 (jointly with spouse):
Joe Biden – $3,742,974
Kamala Harris – $516,469
Bernie Sanders – $343,882
Elizabeth Warren – $268,484
Donald Trump – $750 https://t.co/1KkuViDUCe
— Max Kennerly (@MaxKennerly) September 27, 2020
But somewhere along the lines the left seems to have missed one of their favorite talking points. They vilify the rich on a regular basis as their one of their predicates for embracing socialism. To each according to his need, right? With that known, how exactly did Joe Biden, who has been a “public servant” for almost the entirety of his adult life, make so much money?
Wait. How does a life long public servant make so much money they need to pay $3.7 million in taxes? https://t.co/K3IKwcNlbp
— Pretty Lieb (@prettylieb) September 28, 2020
Charlie Kirk summed it up best with one Tweet. “I’m far more interested in the tax returns of a politician who became a multimillionaire than the tax returns of a billionaire who became a politician,” he said.
What the NY Times and everyone else should be asking is how Joe Biden and his family of "working class" people translated his lifetime in Washington DC into dozens of multi-million dollar ventures.
VP salary is $235,100.
Joe paid $3,742,974 in taxes in 2017.
— JD Rucker (@JDRucker) September 28, 2020
Instead of worrying how a lifelong real estate developer legally used the tax system to minimize his burden, we should be asking how 5-decades in Washington DC equated to the Biden family becoming extremely rich.
Image via Politico.
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JD Rucker – EIC