President Biden has been confronted with a demand that he repay to the American people hundreds of thousands of dollars he kept by exploiting a …
President Biden has been confronted with a demand that he repay to the American people hundreds of thousands of dollars he kept by exploiting a tax loophole. While Biden has complained that “the wealthiest 1% of Americans saw their net worth increase by $4 trillion,” as a private citizen in 2017,2018 and 2019, he and first lady Jill Biden routed $13 million in income through two S-corporations to avoid paying some $500,000 in taxes that help fund Medicare and Obamacare, pointed out Rep. Jim Banks, R-Ind., chairman of the Republican Study Committee, in a letter March 25. “Do you intend to undo your hypocrisy and pay these taxes back to the American people?” Banks asked. Biden has advocated eliminating such loopholes while also promoting the expansion of both Medicare and ObamaCare, noted Fox News. “We write to highlight for the American people the hypocrisy you have exhibited in using a tax shelter strategy derided by the Left to avoid paying Obamacare taxes, Banks said. “Over the past several years, you and the First Lady, through a legally dubious tax strategy, appear to have avoided payment of over $500,000 in payroll taxes. As you may know, these payroll taxes fund Medicare for our nations seniors, and were increased by President Obama’s Affordable Care Act.” Banks said media reports “indicate that you both directed revenue from book royalties and speaking appearance fees into these two corporations, avoiding self-employment payroll tax liabilities that would have flowed to America’s Medicare program that provides care to over 60 million seniors.
