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WASHINGTON, D.C. – According to Rep. Jim Banks (R-IN), a recently-released nonpartisan report by the Congressional Research Service (CRS) – a public policy research institute – suggests that President Joe Biden may owe the Internal Revenue Service in the neighborhood of $500,000 in back taxes after he purportedly neglected to pay Medicare taxes prior to moving into the White House.
Biden has been pushing for a $3.5 trillion spending bill that, in part, would make the wealthy in the United States “pay their fair share” by raising their taxes, but Republican lawmakers – including Banks, who requested the CRS report – are now taking the wealthy president to task for apparently not paying his own “fair share.”
“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,” Banks said. “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.”
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Banks claimed indicates that Biden exploited a tax code loophole involving improperly using “S corporations” to skip paying Medicare taxes relating to sales of books and personal appearance speaking fees in 2017 and 2018.
The CRS report does not specifically name Biden, but instead provides information on cases won by the IRS against taxpayers who exploited the “S corporations” accounting trick to avoid paying Medicare taxes.
Biden and his wife, first lady Jill Biden, released their tax returns while he was running for president, they revealed that the couple only counted less than $800,000 of their $13 million in earnings during 2017 and 2018 as being eligible for Medicare taxes via the “S corporations” loophole, according to reports, avoiding paying as much as $500,000.
News outlets report that The White House has not yet responded to requests for comments.