Government Report: Biden could owe as much as $500K in Back Taxes
New York Post
WASHINGTON — Republicans say a new nonpartisan report indicates President Biden improperly avoided paying Medicare taxes before he took office — raising eyebrows and the possibility that he owes the IRS as much as $500,000 in back taxes.
Biden is leading a Democratic push for a $3.5 trillion bill to subsidize child care, education and health care by targeting tax avoidance and raising tax rates on higher incomes so the rich “pay their fair share.”
A House Ways and Means Committee draft of the bill would end the accounting trick apparently exploited by Biden and boost IRS funding for audits — but the new report, drafted by the Congressional Research Service and provided to The Post, suggests Biden owes taxes under current rules, according to the congressman who requested it.
“Joe Biden wants to raise taxes by $2.1 trillion while claiming the rich need to pay their ‘fair share.’ But in 2017, multimillionaire Joe Biden skirted his payroll taxes — the very taxes that fund Medicare and ObamaCare,” said Rep. Jim Banks (R-Ind.), chairman of the conservative Republican Study Committee.
“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,” Banks said. “Every American should know about Joe Biden’s tax hypocrisy.”
Banks said the report shows Biden improperly used “S corporations” to avoid paying Medicare tax on speaking fees and book sales in 2017 and 2018.
Biden and first lady Jill Biden routed more than $13 million through S corporations and counted less than $800,000 of it as salary eligible for the Medicare tax — exempting the rest from what would have been a 3.8 percent rate, the Wall Street Journal reported.
Header featured image (edited) credit: Rep. Jim Banks/CQ-Roll Call/Sipa USA
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