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Hoax: Obama Tax Audit Did Not Reveal $411M In Stolen Taxpayer Money [Debunked]

By Paula Mooney
Published on: 03:30 PST, Mar 12, 2017

The fake article being spread across Facebook with more than 4,000 shares from one website is titled “BREAKING: Obama Tax Audit Turns Up MILLIONS In Offshore Accounts Stolen From Taxpayers.” However, that article has been debunked, according to Lead Stories. The article begins with claims that left-leaning folks continue to press President Donald Trump to release his tax returns to the public so that voters and constituents can learn all of Mr. Trump’s business connections. It then went on to claim that President Trump had no reason to rush to release his tax returns to the public because Mr. Trump allegedly has nothing to hide.

The fake article claimed it was fun to witness Mr. Trump’s detractors as they squirmed and speculated over President Trump’s tax returns and business dealings. The writer of the fake news report said that if they were in President Trump’s shoes, they would not release his or her tax returns until January 21, 2025. At that point, the fake article speaks about “former President Barry Soetoro,” claiming that was the alias of President Barack Obama. The fake news report claimed that Mr. Obama was caught with more than $400 million in taxpayer money in offshore accounts in the Cayman Islands, Ireland, and Caledonia. The fake news report claimed that the payments were made directly from the national treasury as royalty payments for Obamacare.

“Few people know it, but when the liberal congress of 2010 passed the Obamacare bill without reading it, a percentage of the proceeds was automatically routed to the bill’s author, Barack Obama, to cover ‘expenses and royalties associated with naming the bill.’ It wasn’t until the Affordable Care Act came out later that Obamacare was officially renamed and the royalties stopped, but not before the Obama family pocketed $411 million. Of that, it appears that $400 million was transferred discreetly to accounts offshore to Barry Soetoro, LLC, a legal entity operating out of three foreign countries. By transferring his money there, Obama has avoided paying more than $170 million in taxes that could have gone towards funding all of the free stuff he gave to the inner city folks so they’d re-elect him in 2012.”

Despite the incredulous claims of the fake report, a search for “Obama tax audit” on Facebook proves there are plenty of people sharing the fake news report as if it is true. The fake news report ends with claims that President Obama created a deficit that was larger than any president in history, and made the national debt increase by 400 percent. The fake article claimed that if Mr. Trump or U.S. firms did the things Mr. Obama did, they would be investigated, with the fake news report claiming that Mr. Obama can be placed under federal investigation for alleged serious crimes now that Mr. Obama is no longer being “shielded” in the White House.

As of this writing, Snopes does not have an article debunking the President Obama tax audit, however, with a variety of fake news reports copying and promoting the same fake news article, the publication will likely debunk it in the future.

In the meantime, President Obama and Michelle Obama have made news for their post-White House sightings, such as in the top above photo, wherein former President Obama was photographed leaving the National Gallery of Art in Washington, on Sunday, March 5. In the wake of leaving the White House, Mr. Obama has been accused by President Trump via Twitter of wiretapping his phones at Trump Tower before the heated presidential election, with no evidence of the wiretapping claims.

[Featured Image by Jose Luis Magana/AP Images]

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