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Rep. Jim Banks: Joe Biden Skirting Own Taxes While Pushing for Higher Taxes on Americans
[Breitbart] Rep. Jim Banks (R-IN) said Friday a government report suggested that President Joe Biden avoided paying payroll taxes; Biden’s $3.5 trillion infrastructure bill would raise taxes on Americans making over $50,000 per year.Banks, the chairman of the RSC, said that a Congressional Research Service (CRS) report implied that Biden improperly avoided paying Medicare taxes. This might raise the possibility that Biden could owe the IRS as much as $500,000 in back taxes. Biden and first lady Jill Biden put more than $13 million in income through S corporations and counted less than $800,000 of it as eligible for Medicare taxes, the Wall Street Journal reported in 2019. "The CRS report doesn’t name Biden but analyzes cases in which the IRS won a judgment against taxpayers who paid themselves suspiciously low salaries from S corporations and counted most of the revenue as "distributions" exempt from the Medicare tax," the New York Post noted. The report follows as Biden and congressional Democrats continue to push their $3.5 trillion infrastructure bill, which according to the Joint Committee on Taxation (JCT), would raise taxes on Americans making more than $50,000 annually. The House Ways and Means Committee draft of the bill would end Biden’s use of S corporations to avoid Medicare taxes. Posted by: Spereng Crins7805 2021-09-25 |
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