Ordinary Guy
Diamond Member
- Jul 16, 2021
- 2,148
- 2,457
- 1,938
Multimillionaire’ Biden’s use of ‘S corporations’ draws scrutiny by Republican who sees hypocrisy
Rep. Jim Banks, the chair of the Republican Study Committee, lashed out at Biden for calling on the country’s richest to pay their 'fair share' after S corp revelation
It is not uncommon for wealthy individuals and politicians to try and preserve their income by using what some call tax loopholes, but Republicans have called out what they see as hypocrisy from the president who came out in support of proposals to tax billionaires. On Friday, the president told reporters, "I just think it’s about just paying your fair share, for Lord’s sake."
Rep. Jim Banks, the chair of the Republican Study Committee, lashed out at Biden for calling on the country’s richest to pay their "fair share" to help finance his $2.1 trillion infrastructure plan.
He said in 2017, "multi-millionaire Joe Biden skirted his payroll taxes—the very taxes that fund Medicare and Obamacare. 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 hypocrisy."
Banks said the report indicated that Biden improperly used "S corporations" while he and his wife 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.
The CRS report may be new, but the Wall Street Journal reported on Biden’s use of the "tax-code loophole [President] Obama tried to plug."
https://www.foxbusiness.com/politics...L%2C%20ADAMANT
Rep. Jim Banks, the chair of the Republican Study Committee, lashed out at Biden for calling on the country’s richest to pay their 'fair share' after S corp revelation
It is not uncommon for wealthy individuals and politicians to try and preserve their income by using what some call tax loopholes, but Republicans have called out what they see as hypocrisy from the president who came out in support of proposals to tax billionaires. On Friday, the president told reporters, "I just think it’s about just paying your fair share, for Lord’s sake."
Rep. Jim Banks, the chair of the Republican Study Committee, lashed out at Biden for calling on the country’s richest to pay their "fair share" to help finance his $2.1 trillion infrastructure plan.
He said in 2017, "multi-millionaire Joe Biden skirted his payroll taxes—the very taxes that fund Medicare and Obamacare. 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 hypocrisy."
Banks said the report indicated that Biden improperly used "S corporations" while he and his wife 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.
The CRS report may be new, but the Wall Street Journal reported on Biden’s use of the "tax-code loophole [President] Obama tried to plug."
https://www.foxbusiness.com/politics...L%2C%20ADAMANT