Report: Biden could owe up to $500K in back taxes
A new report indicates that President Joe Biden avoided paying Medicare taxes before he took office, meaning he could owe up to $500,000 in back taxes.
The news comes amid Biden’s highly publicized efforts for a $3.5 trillion social spending bill. The funding for the measure would come from targeting tax avoidance and raising tax rates on higher-income families so they “pay their fair share.” A current draft of the bill would end the “S corporations” accounting loophole Biden allegedly utilized.
However, the nonpartisan Congressional Research Service report suggests that Biden owes taxes under the current provisions.
“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,” said Rep. Jim Banks (R-IN), chairman of the conservative Republican Study Committee.
“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,” Banks said. “Every American should know about Joe Biden’s tax hypocrisy.”
According to the Wall Street Journal, the president and first lady Jill Biden routed over $13 million through S corporations and counted less than $800,000 of it as salary eligible for the Medicare tax — exempting the rest from what would have been a 3.8 percent rate.