According to a Congressional Research Service report, President Joe Biden may owe the IRS up to $500,000 as a result of avoided Medicare taxes.
Republican Representative Jim Banks pointed out the hypocrisy in Biden’s rhetoric compared to his practices.
“Joe Biden wants to raise taxes by $2.1 trillion while claiming the rich need to pay their ‘fair share.’ But in 2017, multi-millionaire Joe Biden skirted his payroll taxes, the very taxes that fund Medicare and Obamacare,” Banks proclaimed.
If true, the irony would be rich. Joe Biden pushes for an increase in taxes, but at the same time owes more than 10x an average Americans annual wage in back taxes.
Fox News reported, Banks said the report indicated that Biden improperly used “S corporations” while he and First Lady Jill Biden raked in over $13 million on speaking fees and book sales in 2017 and 2018, but counted less than $800,000 of it as a salary that could be taxed for Medicare.
Biden leading the charge to pass a $3.5 trillion bill that would help fund childcare, education, and health care. In order to help pay for the cost of the massive legislation, Biden’s plan calls for targeting tax avoidance while raising taxes on people in high-income brackets who Biden claims don’t “pay their fair share.”
Joe Biden IS a high-income individual. Forbes estimates that Joe Biden earned $17.3 million during the four years that he was out of office, and is worth a total of $8 million.
He, is a high earning multi-millionaire. Ironically, he might just not be paying his fair share… illegally. This is a self fulfilling prophecy.