While President Biden recently applied his infrastructure plan, he ‘saw the richest 1% of Americans increase their net worth by $ 4 trillion’, and he then tore down loopholes and deductions that companies used to evade taxes.
But a scathing letter from the leader of a Conservative House caucus regarding Biden’s own tax loopholes could predict what Republicans will include in their oversight agenda if they overthrow the House of Representatives in 2022.
“House Democrats used their oversight power to sue Trump for his tax returns, but they completely ignored Joe Biden’s abuse of our tax code,” Republican Study Committee Chairman Jim Banks, R-Ind., Told Fox News. “When we take back the House in 2022, supervision [Committee] Republicans will not forget Biden’s legally questionable tax avoidance schemes. ‘
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As a private citizen in 2017, 2018 and 2019, Biden and First Lady Jill Biden led $ 13 million in revenue through two S corporations – CelticCapri Corporation and the Giacoppa Corporation – to avoid taxes that help Medicare and the Affordable Care Act ( ACA) to finance. ), better known as ObamaCare. Although Biden is completely legal, he strives to eliminate such loopholes, while also promoting the expansion of both Medicare and ObamaCare.
The Banks letter to Biden asked, “Do you intend to undo your hypocrisy and repay this tax to the American people?”
“Press reports indicate that you have sent both the income from royalty booklets and the supervision fees to these two companies, and avoid tax obligations for self-employed people that would have flowed into America’s Medicare program that cares for more than 60 million seniors,” reads the letter, dated. March 25.
“House Democrats used their oversight power to sue Trump for his tax returns, but they completely ignored Joe Biden’s abuse of our tax code,” Republican Study Committee President Jim Banks told R-Ind.
(Bill Clark / CQ Roll Call / Getty Images)
In the minority, congressional Republicans – many of whom have called for Biden’s handling of the border crisis or possible conflicts of interest regarding his son Hunter Biden’s foreign affairs – have the authority to force Biden or his administration to provide information. on any matter. But, as Americans saw during the previous government, the issues Democrats were constantly talking about in 2017 and 2018 – including President Trump’s taxes – became the subject of investigative hearings after the Democrats began in 2019.
The Biden tax cuts show that “democratic hypocrisy is unlimited,” Banks said, contrasting with both the president’s public policy and the working-class image that Biden cultivated during his political career.
“The ACA has taxed millions of Americans higher, but not Joe Biden. He paid $ 121,000 less in ObamaCare taxes thanks to an obscure tax gap. Talk about baseball,” Banks told Fox News. “Joe Biden is advocating for the expansion of Medicare and urges to close tax loopholes and for a $ 3 billion tax increase. At the same time, ‘Amtrak Joe’ earns $ 13 million through consulting money in just three years, saving more than $ 500,000 from Medicare recipients. Through tax loopholes. ‘
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The Wall Street Journal first reported the first couple’s tax shift in July, saving them up to $ 500,000. The newspaper said the Bidens avoided paying 3.8% in Medicare payroll tax by moving book rights and speech-related income to an S corporation.
An S corporation is a partnership with less than 100 shareholders under IRS rules. The company can pass on income directly to shareholders to avoid double taxation.
Together, CelticCapri Corp and Giacoppa Corp reported profits of more than $ 13 million for 2017 and 2018, the Journal reported, not subject to self-employment taxes. The companies paid the Bidens less than $ 800,000 in salaries.
“Your hypocrisy is underscored by the fact that Medicare has significant shortcomings,” reads the Banks letter last week. “Just this year, Congress’s budget office estimated that its hospital insurance trust fund would go bankrupt in the mid-fiscal year 2026 – about five years from now.”
“In addition, during the presidential campaign, you said ‘ObamaCare is personal to me,'” the letter adds. “And your government has sought to expand ObamaCare where possible. Yet you and your wife have avoided paying $ 121,000 in Obamacare payroll taxes.”
The White House did not respond to a Fox News inquiry. But in July, the Biden campaign told the Journal: “As shown by their effective federal tax rate in 2017 and 2018 – which exceeded 33 percent – the Bidens are committed to ensuring that all Americans pay their fair share.”
This information came to light especially as the Bidens disclosed their tax returns, which Trump never did – leading democratic investigations.
Biden has a history that high-income Americans have to pay more taxes.
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When Biden chose him for a Democratic ticket with Barack Obama in 2008, Biden told Kate Snow of CBS News that those earning more than $ 250,000 “should pay more,” adding “It is time to be patriotic, Kate, time to jump in, time to be part of the agreement, time to get America out of the rut. ‘
During his speech for the adoption of the Democratic National Conference in August 2020, Biden called for an end to loopholes for the rich.
“Because we do not need a tax code that rewards wealth more than it rewards it. I do not want to punish anyone,” Biden said in the acceptance speech. “Far from it. But the richest people and the biggest businesses in this country have long paid their fair share.”