President Joe Biden could reportedly owe up to $500,000 to the IRS in taxes, according to the Republicans.
They claim a report by the Congressional Research Service indicates he avoided paying Medicare taxes before taking to the Oval Office.
It comes as Biden pushes a $3.5trillion democratic bill forward to fund childcare, education, and health care by targeting tax fraud and increasing taxes on higher incomes so the ‘rich pay their fair share’.
Republican Jim Banks, chairman of the Conservative Republican Study Committee, told the New York Post: “Joe Biden wants to raise taxes by $2.1trillion while claiming the rich need to pay their fair share.
“But in 2017, multi-millionaire Joe Biden skirted his payroll taxes – the very taxes that fund Medicare and Obamacare.
“According to the criteria CRS provided to my office, he owes the IRS and the American people hundreds of thousands of dollars in back taxes.
“Every American should know about Joe Biden’s tax hypocrisy.”
The Wall Street Journal reported that Joe Biden and First Lady Jill Biden made more than $13million through their company ‘S corporations’ and book sales, and counted less than $800,000 of it as salary eligible for the Medicare tax.
A House Ways and Means Committee draft of the bill which Biden is trying to push forward would put an end to this loophole that he availed of.
During the 2020 presidential campaign, the Bidens released their tax returns which showed that the couple saved up to $500,000 of payments by avoiding the 3.8% self-employment tax with ‘S corporations’.
A statement released at the time said: “As demonstrated by their effective federal tax rate in 2017 and 2018—which exceeded 33%—the Bidens are committed to ensuring that all Americans pay their fair share.”
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