(ReliableNews.org) – President Joe Biden hopes to force Americans to pay for his multi-trillion-dollar reconciliation bill to fund a host of programs ranging from government-paid childcare services to intricate plans that would combat climate change. He is targeting taxpayers and individuals within the top bracket who allegedly don’t pay their “fair share” to fund the program. However, a new report suggests that Biden may have deliberately avoided taxes himself in the past using a loophole.
The nonpartisan Congressional Research Service submitted a memorandum to Rep. Jim Banks (R-IN) accusing the Bidens of improperly burying income using “S Corporations” to avoid paying Medicare taxes. As a result, Biden could owe up to half a million dollars in unpaid taxes.
Biden may owe up to $500k in back taxes, report says https://t.co/nBKlCo8oCS
— Fox News (@FoxNews) September 24, 2021
According to the memorandum, the Bidens used an S-Corporation loophole to bury the bulk of $13 million earned from the sale of books and speaking fees. Reportedly, they managed to drive that income level down to less than $800,000 for the purpose of paying Medicare taxes.
Banks lashed out at Biden’s hypocrisy by pointing out that Biden wants to raise Americans’ taxes to the tune of more than $2 trillion, although he did what he could to avoid paying his own “fair share.”
Meanwhile, Biden warned Americans that his administration hired new IRS agents to force people to “step up and pay like everyone else does.” Perhaps, he should take a minute to look in a mirror and reflect on his own behavior.
Copyright 2021, ReliableNews.org