Biden and first lady Jill Biden routed $13 Million in income to two corporations in the years 2017, 2018, and 2019 to avoid paying taxes, raising criticism from Republican lawmakers of tax shelter “hypocrisy.”
While recently announcing his massive infrastructure plan, Biden muttered that “the wealthiest 1% of Americans saw a net worth increase by $4 trillion,” he then got rid of loopholes and deductions corporations used to dodge taxes.
Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax-Democrat candidate former Vice President Joe Biden used a series of tax code loopholes to avoid paying hundreds of thousands of dollars in taxes over the years. https://t.co/cYCacCZyPW
— 🌹🦋🇺🇸Michele🇺🇸🦋🌹 (@MAJMO50) September 28, 2020
However, a shocking letter from the leader of a House conservative caucus about Biden’s own tax loopholes could foreshadow what GOP lawmakers will include in their oversight agenda should they decide to flip the House of Representatives in 2022.
Republican Study Committee Chairman Rep. Jim Banks (R-Ind) told Fox News, “House Democrats used their oversight power to subpoena Trump for his tax returns, but they’ve completely ignored Joe Biden’s abuse of our tax code.” Banks added, “When we take back the House in 2022, Oversight [Committee] Republicans won’t forget about Biden’s legally dubious tax avoidance schemes.”
In the years 2017, 2018, and 2019, Biden and first lady Jill Biden routed $13 million in income through two corporations, namely S-corporations – CelticCapri Corporation and the Giacoppa Corporation in order to avoid paying taxes that help fund Medicare and the Affordable Care Act (ACA) or better known as ObamaCare.
Although these moves made by Biden are entirely legal, Biden has recently advocated eliminating this kind of loophole that he himself benefited from while also promoting the expansion of both Medicare and ObamaCare.
🚨 From 2017-2019, Biden routed $13 mil in income through two S-corporations to avoid paying taxes that fund Medicare and Obamacare.
— RSC (@RepublicanStudy) April 5, 2021
The letter sent by Banks to Biden asked, “Do you intend to undo your hypocrisy and pay these taxes back to the American people?”
The letter dated March 25 also read, “Press 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.”
Republican Study Committee Chairman Rep. Jim Banks, R-Ind, also said, “House Democrats used their oversight power to subpoena Trump for his tax returns, but they’ve completely ignored Joe Biden’s abuse of our tax code.”
Meanwhile, in the minority, congressional Republicans – most of whom have called for oversight of Biden’s handling of the border crisis or of potential conflicts of interest with regard to his son Hunter Biden’s business dealings – lack the authority to compel Biden or his administration to supply information on any matter.
However, as Americans witnessed during the previous Trump administration, the issues that the Democratic party continuously talked about in the years 2017 and 2018 were Trump’s taxes. They became more fodder to investigate hearings after Democrats held House majority beginnings in 2019.
Banks also said that Biden’s tax-saving tactics show “Democrat hypocrisy is limitless,” contrasting this with both his public policies and the working-class image Biden cultivated throughout his political career.
“The ACA imposed higher taxes on millions of Americans, but not Joe Biden. He paid $121,000 less in ObamaCare taxes thanks to an obscure tax loophole. Talk about inside baseball,” Banks told Fox News. “Joe Biden advocated for expanding Medicare and is pushing to close tax loopholes and for a $3 trillion tax hike. At the same time, ‘Amtrak Joe’ made $13 million through speaking fees in just three years, then skimped over $500,000 from Medicare recipients through tax loopholes.”
Biden and first lady Jill Biden’s tax move in July saved them as much as $500,000, according to a report by the Wall Street Journal. The newspaper said the Bidens evaded paying 3.8% in Medicare payroll taxes by moving book royalties and speaking-related income into an S-corporation.
The Banks letter from last week also reads, “Your hypocrisy is highlighted by the fact that Medicare faces significant funding shortfalls.” He added, “just this year, the Congressional Budget Office estimated its Hospital Insurance Trust Fund will face insolvency in the middle of the Fiscal Year 2026—roughly five years from now.”
Hypocrisy, lying, fake smiles, deceptions are Biden's stock in trade.
GOP seeks to pull back curtain on Biden tax shelter ‘hypocrisy’https://t.co/xWGXUu0Vxd
— Red Wolverine (@MIRedState) April 5, 2021
The letter adds, “moreover, during the presidential campaign, you said ‘ObamaCare is personal to me, and your administration has sought to expand ObamaCare wherever possible. Yet, you and your wife avoided paying $121,000 in Obamacare payroll taxes.”