Democrat President Biden, who has demanded that wealthy people “pay their fair share” in federal taxes, might still owe up to $500,000 in back taxes, according to one lawmaker’s analysis of a new congressional report.
The report comes as Joe Biden is pushing the Democrats to accept a huge $3.5 trillion bill that was widely criticized as a liberal wish list spending bill, which comes as an inflation spike is happening during his presidency.
The NY Post reports:
“A House Ways and Means Committee bill draft would stop the accounting trick that was exploited by Joe Biden and increase IRS funding to conduct audits — but a new report, created by the Congressional Research Service and given to The Post, means that Biden could still owe taxes under the current rules, according to the lawmaker who requested it.”
“Joe Biden wants to increase taxes by $2.1 trillion while saying the wealthy must pay their ‘fair share.’ But back in 2017, multi-millionaire Biden got around his payroll taxes — the very taxes that pay for Medicare and his beloved Obamacare,” Congressman Jim Banks (R-IN), chairman of the GOP Study Committee, said in a comment to the Post. “According to the information given to my office, he owes the IRS hundreds of thousands of dollars in back taxes. All Americans should know about Biden’s tax hypocrisy.”
Banks says that the report reveals that Biden, who was not actually named inside the report, misused “S corporations” to get around paying Medicare tax on book sales and speaking fees while he was out of office during the Trump White House.
The Post added:
“Biden and his wife Jill funneled over $13 million through S corporations and used less than $800,000 of it as salary which requires the Medicare tax — excluding the rest from the 3.8 percent rate, the WSJ reported. The CRS report does not name Biden but looks at the cases in which the IRS got a judgment against taxpayers who gave themselves suspiciously low salaries from such S corporations and used most of the revenue like “distributions” which are exempt from the Medicare and Social Security taxes. …”
Author: Scott Dowdy