The Breitbart News reported Tuesday (April 6) that Rep. Jim Banks (R-Okla.), chairman of the Republican Study Committee, wrote a letter to Biden on March 25 calling Biden’s tax avoidance hypocritical.
In the March 25 letter, Banks wrote that “Biden advocates expanding Medicare, closing tax loopholes and raising taxes by $3 trillion.”” Meanwhile, Iron Duke Joe Biden, who earned $13 million in speaking fees in just three years, stole more than $500,000 from Medicare beneficiaries using “legally dubious tax strategies.”
In his letter, Banks noted that Biden used S corporations for tax avoidance on his 2017, 2018 and 2019 tax returns.
S corporations do not typically pay any income taxes for U.S. federal tax purposes, and S corporations’ income and losses are distributed among shareholders.
In his letter, Banks wrote, “Media reports indicate that you have placed income from book royalties and speaking appearance fees in two S corporations, avoiding the payroll taxes that self-employed individuals must pay. “
The Breitbart News previously reported, “The Biden’s established two S corporations, CelticCapri and Giacoppa, to pay themselves, and by doing so, the Biden’s avoided the payroll taxes they would have collected to fund Social Security and Medicare.”
Banks then cites a July 2019 article in the Wall Street Journal in which an analyst at the Tax Policy Center observes.” There is no reason for these earnings to be placed in S corporations other than to save on self-employment taxes.”
Banks concludes his letter with a pointed question to Biden, “Do you intend to undo your hypocrisy and give these tax dollars back to the American people?”
Representative Banks told Fox News, “House Democrats have used their oversight powers to subpoena Trump to file his tax returns, but they have completely ignored Biden’s abuse of the U.S. tax code.”
Rep. Banks promised change next year. He said, “When we take back the House in 2022, the Republicans on the Oversight Committee will not forget about any questionable tax avoidance schemes by Biden in the law.”
Banks also told Fox News that the Affordable Care Act (ACA) “imposes higher taxes on millions of Americans, but not on Biden. Thanks to an obscure tax loophole, Biden paid $121,000 less in Obamacare taxes.”
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