Just days after President Joe Biden claimed rich people were cheating on their taxes and he needed crippling new tax hikes to catch them, a report reveals Biden may have evaded a half-million dollars in taxes.
A Congressional Research Service report, which does not mention Biden by name, reveals he and wife Jill Biden used a “S corporation” to avoid paying nearly $500,000 in self-employment taxes made of the $13 million they made in 2017 and 2018 from speeches and book sales.
Despite making $13 million, by claiming they were a “S corporation” only $800,000 of it was reported as income subject to taxation for Medicare and other employment taxes.
The revelation comes as Democrats propose spending $80 billion to deputize 87,000 new IRS agents to spy on every financial transaction in the US of more than $600, supposedly to close a “tax gap” caused by wealthy people hiding funds.
“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,” Rep. Jim Banks, (R-IN,) tells The New York Post.
“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,” said Banks. “Every American should know about Joe Biden’s tax hypocrisy.
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