In a March 25 letter to the president, Republican Study Committee Chairman Rep. Jim Banks called out Joe Biden’s tax avoidance “hypocrisy.”
Republican Study Committee Chairman Representative Jim Banks asked President Joe Biden whether he would put his proverbial money where his mouth is in regard to the tax avoidance Biden himself publicly criticized.
During remarks on Biden’s infrastructure plan, the president complained “millions of Americans lost their jobs last year while the wealthiest 1 percent of Americans saw their net worth increase by $4 trillion,” saying “it just goes to show you how distorted and unfair our economy has become.”
In the March 25 letter, Banks asked Biden whether he would address the “legally dubious tax strategy” he said the president and his wife used to skirt roughly $500,000 in payroll taxes. Banks pointed out “S-corporations” used on Biden’s 2017, 2018, and 2019 tax returns, in which “[Biden] and the First Lady sheltered over $13 million” from taxes designed to support Medicare and the Affordable Care Act, commonly known as Obamacare. Banks wrote:
Press reports indicate that you both directed revenue from book royalties and speaking appearance fees into these two corporations avoiding self-employment payroll tax liabilities that would have flowed to America’s Medicare program that provides care to over 60 million seniors.
He then referenced a July 2019 article in the Wall Street Journal in which a Tax Policy Center analyst observed claimed: “there’s no reason for these [earnings] to be in an S-Corp — none, other than to save on self-employment tax.”
Breitbart News previously reported “on much of the income Joe and Jill Biden generated through the corporations they established to pay themselves—CelticCapri and Giacoppa are the names of the two so-called S-Corporations—they did not have to pay payroll taxes collected to fund Social Security and Medicare.”
Speaking to Fox News, Banks said “House Democrats used their oversight power to subpoena Trump for his tax returns, but they’ve completely ignored Joe Biden’s abuse of our tax code,” promising changes next year.
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