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.
