Biden used tax shelters to avoid paying taxes on $13M over 3 years

we begin tonight with republican senator ron johnson is back with us we're so excited to see you senator okay you heard the open what is with senator joe manchin saying up to seven democrats are going to oppose biden's 28 tax hike on companies is this thing dead on arrival well i sure hope so because increasing the corporate tax rate is not going to do anything for you know pulling us out of the covered recovery and long-term economic prosperity and opportunity for americans if take a look at what we did in 2017 uh back then the corporate tax collector was a little under 300 billion dollars uh in 2019 before the covert recession hit uh it was about 230 billion dollars so we lost about 70 billion dollars worth of revenue uh i i think we probably would have made that a lot all up with a strong economy but the buying administration is talking about spending thousands of billions of dollars on all these boondoggles uh so again you have to keep the business the american business tax rate competitive with the world and that's what we did in 2017 right senator joe biden claims he wants to protect medicare and obamacare but joe biden and the first lady reportedly avoided paying half a million dollars in payroll taxes by diverting about 13 million dollars from book deals and speeches into tax shelters indiana republican jim banks who's the chair of the gop study committee he's saying do you president biden intend to undo your hypocrisy and pay these funds back to the american people when you solve that number that's pretty high half a million bucks they avoided it is and again it's part and parcel of the hypocrisy we see from so many democrats that will utilize the tax code and probably did it legally but then criticize others for doing the exact same thing i think it really does speak to the insanity of our tax code uh that people can utilize it that way but what i'm even more concerned about in terms of the biden's taxes is the fact that they made about 16 million dollars of income since he left the vice presidency but they only reported about 3.2 million dollars did i say billion 16 million in income and about 3.2 million in assets where did all the money go that came from really good reporting on part of john solomon so you know my my question is where did all that 16 million dollars go yeah that's a good question you know the other thing too is tax pros have said there's no reason for the bidens to use tax shelters like s corporations other than to avoid payroll taxes even biden's top aide near attendance said these are quote loopholes and you're right i mean when he left office bidens earned double what they earned in the prior 19 years combined so where did all the money go where do you think i i have no idea but again our tax code is insane it treats different types of income differently which i don't think we should in terms of medicare tax you know the payroll tax in general is is capped at a certain level because it's really designed for example social security is designed to pay for your retirement plan medicare there is no cap and so you know i've never particularly agreed with that aspect of it if you need to raise money for these programs let's do it in a simple and rational tax system we don't have that right now yeah but you and senator grassley you did a story a report rather an in a deep dive into the biden family history they like us corpse they like to use off-balance sheets shell companies to bury their cash that they get from over overseas delaware is known for all this they like to do all this with real estate infrastructure deals that the biden family has done in you know romania iraq costa rica working with russia with china um so you've seen this kind of activity in the past right absolutely and again i'm concerned about the complex web of foreign entanglements particularly within china but you're really all over the world so you simply can't trace it when you're trying to hide income the way you do it is you set up corporation after corporation after corporation you layer these things for example one of the corporations they use was called hudson west i think they're like eight or nine different hudson west corporations you don't know who owns them you don't know where the money is flowing back and forth and that's how you money or you launder money by the way too is you have all kinds of different transactions which makes it very difficult for anybody to catch and really you know uncover what's all going on yes senator you you and your uh senator chuck rousey's report said the hunter biden opened up the family to counter intelligence and extortion hunter biden's new book is out tomorrow he's claiming everything he did was ethical but then he indicated an email said he used shell off balance sheet shells to avoid violating the anti-bribery foreign corrupt practices act or having to register with the government as a foreign agent your final word on that well again he may not have by definition broken any laws but i would just ask people just a conflict of interest in barista where he made something like about four million dollars why you know i think it's obvious why it just looks sleazy it may not be by the book illegal but it's sleazy and then all these foreign entanglements you know we don't know what china knows about their financial dealings we don't know what uh they could use as potential blackmail and remember that the media and the democrats claimed potential blackmail when they were pushing the russia hoax against trump here we've got very verified financial entanglements and transactions that could lead to serious counterintelligence extortion and blackmail threats all right senator ron johnson it's great to see you again thanks so much for joining us come back soon okay let's welcome to the show minnesota republican youtube minnesota republican tom emmer from the gop study committee sir you just heard what we were talking about about the biden family's use of excuse me tax shelters to avoid uh payroll taxes what's your first what's your quick take on that something doesn't smell right elizabeth i think people need to be transparent it's very interesting how they uh they give the hypocrisy they blame others for what they're in fact doing it's kind of like their so-called infrastructure bill right this 2.3 trillion dollar bill or proposal that is not about infrastructure it's about uh spending on the democrats crazy radical socialist agenda they tell you something uh that in fact it's something completely different you know we got president biden he wants to outshine even fdr and infrastructure spending but you know senator roy blunt he's the fourth highest ranking republican in the senate saying uh uh stop with the poison pill spending just focus on bridges and roads you got to cut it down to 615 billion dollar dollars on 2.2 and a quarter trillion we got democrats senator joe manchin said you know seven democrat senators are going to oppose this what do you think of this new movement well i think they recognize that this is way beyond anything that mainstream america is looking at this is going to be very difficult for them to sell even with their friends in the left-wing media i mean you've got a 2.3 trillion dollar proposal elizabeth that's six percent of it less than six percent of it goes to roads and bridges uh it's about 115 billion so you can skinny up even more when it comes to roads and bridges infrastructure in fact it's about funding a radical left socialist agenda that includes defunding the police implementing the green new deal open borders and closing our schools do you know that the 2.3 trillion dollar proposal 2.3 trillion dollars is four times what it costs to build the interstate highway system from coast to coast i think they realize that people are going to start to scrutinize this proposal that's really interesting but you know president biden said he wants to ram it through without any republican votes and then he's trying to topspin it that this you know he campaigned on unity he's now saying that is it's still going to be bipartisan even though he wants to ram it through you know without republican votes so all that campaign talk of unity looks like the president had no intention of unity moderate democrats are walking at this right we're talking about infrastructure and quite frankly the only thing that he's saying about infrastructure is regardless of the proposal it's my way or the highway this guy campaigned as a so-called moderate who is not that at all in fact he's about as radical he's being advised by ocasio-cortez and the other socialists that are in the house as well as bernie sanders the chair of his budget committee and they want to use this to pass a massive tax bill that is the largest since 1942 and they want to tell people that this is only going to apply to people earning 400 000 or more elizabeth this is a huge middle tax tax increase and by the way just look at what he's done to everyone on the lower economic ladder with his energy policies with his uh since the end of january we've got gas climbing yeah but i see that too the gas prices are going up look at pete buttige the transportation secretary he was caught on camera driving his car his suv up to work and then uh basically getting a bicycle out of the back of the car in order to make it look like he's bicycling to his job in order to appear that he's green and you know progressive and liberal i mean this is insanity this is this is cuckoo what do you think it shows you a little elizabeth they have no limit there is no limit to their hypocrisy whether it's creating shell corporation after shell corporation taking advantage of the tax code that uh as uh senator johnson pointed out has so many inconsistencies in it but they want to criticize others uh while at the same time uh doing what they are critical of this is just uh it's laughable that pete budage would literally drive a black suv up to within biking distance of his office get out get on the bike and try to get a photo op again do as i say not as i do yeah looks like it takes an awful lot of work to do all that you know that photo shoot okay congressman emmer thank you so much why not just like be honest okay

Channel: Fox Business

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Keywords: biden administration, biden tax policy, business news, economy, fbn, finance, fox biz, fox business, fox business biden taxes, fox business channel, fox business network, fox business news, fox business taxes, fox business taxes raised, fox news taxes, middle class taxes, personal finance, tax plan, taxes, taxes raised, biden evaded taxes, ron johnson, fox news ron johnson, tom emmer, rep tom emmer, senator ron johnson, tax shelter, biden tax shelter

Id: Sivz9frd-VI

Length: 10min 15sec (615 seconds)

Published: Mon Apr 05 2021