Politics

Biden May Owe Up To $500K In Back Taxes, Report Says

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President Biden may have improperly avoided paying Medicare taxes before he took office and could owe the IRS up to $500,000, according to a Congressional Research Service report.

“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 Rep. Jim Banks, who chairs the conservative Republican Study Committee.

Banks said the report indicated that Biden improperly used “S corporations” while he and First Lady Jill Biden raked in over $13 million on speaking fees and book sales in 2017 and 2018, but counted less than $800,000 of it as a salary that could be taxed for Medicare.

The story comes as Biden attempts to lead the charge toward passing a $3.5 trillion bill that would help fund childcare, education, and health care. In order to help pay for the cost of the massive legislation, Biden’s plan calls for targeting tax avoidance while raising taxes on people in high income brackets who Biden claims don’t “pay their fair share.”

A draft of the bill includes a provision that would close loopholes similar … (Read more)

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