Though President Joe Biden is known for making speech after speech in which he implores the wealthiest Americans to “pay their fair share” in taxes, a recent analysis of a non-partisan report to Congress suggests that he may, scandalously, actually owe upwards of half a million dollars in back taxes himself, as the New York Post notes.
Biden has relied on his “pay your fair share” schtick as a way to help sell the Democrats’ $3.5 billion spending bill, suggesting that if high rollers would simply start kicking in what they owe, and tax avoidance was fully rooted out, subsidized health care, child care, and education could be easily afforded without increasing the rates paid by the middle class.
While a current draft of the spending legislation includes language that would put an end to an accounting technique used by the rich, including Biden before he took office, a new report produced by the Congressional Research Service indicates that the president himself may be in arrears to a pretty hefty tune.
As the Daily Wire notes, Republican Study Committee (RSC) chairman Jim Banks (R-IN) finds Biden’s proclamations about fairness particularly interesting, saying, “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.”
Banks continued, “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 tax hypocrisy.”
Though the report referenced by Banks does not specify Biden by name, the congressman asserts that it does demonstrate that Biden misused the “S corporation” designation as a means to steer clear of having to may Medicare taxes on money earned from book sales and speaking fees, the Daily Wire added.
According to the Wall Street Journal, Biden and wife Jill processed over $13 million through so-called “S corporations” while classifying under $800,000 in other income as salary on which Medicare taxes had to be paid, effectively removing the remainder from being subject to a 3.8% tax rate.
Longtime Capitol Hill GOP staffer Chris Jacobs pointed out the irony of the president’s recent statements to the Post, remarking, “Joe Biden wants to expand the IRS’s funding authority, so they can audit more Americans. Given that the liberal Tax Policy Center and the nonpartisan Congressional Research Service both have raised questions about the way Biden handled his taxes, why doesn’t he ask for his own taxes to get audited first?”
Instead, it seems far more likely that the Bidens will face no repercussions for skirting the rules, and Americans of means will be forced to endure even more hectoring – in the president’s notoriously creepy whisper – that they – not him – are the ones who need to pay more.