Republican lawmakers allege that a non-partisan report shows that President Joe Biden might owe the IRS up to $500,000 in back taxes.
“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,” said chairman of the conservative Republican Study Committee, Indiana Rep. Jim Banks.
Biden is pushing for an enormous $3.5 trillion spending bill that will target high-earning Americans so that they “pay their fair share.” But Banks said Biden hasn’t been paying his.
“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.”
Banks detailed that Biden dodged paying Medicare taxes on speaking fees and book sales from 2017 to 2018, by improper use of “S Corporations.” He alleges that the President and First Lady counted just under $800,000 of more than $13 million earned as salary using the tactic.
Ironically, the massive legislation would close the loophole which Biden used to avoid paying 3.8% self-employment tax. The report doesn’t name Biden but indicates he would owe taxes under current rules by analyzing S Corps that the IRS won judgments against from improperly exploiting the same loophole.
“Courts have agreed with the IRS that shareholder-employees are subject to employment taxes when shareholders take distributions, dividends, or other forms of compensation in lieu of reasonable compensation,” the report details.
The document did pointedly note that despite presidential tax returns automatically being subject to audits during their term as commander-in-chief, Biden’s S corporations have been inactive this year, which means the IRS won’t automatically review them.
527108728-Updated-Memorandum-IRS-Audits-of-the-President-S-Corporations-And-Reasonable-Compensation-to-S-Corporation-Shareholder-Employees
