President Joe Biden has a long record of telling wealthy Americans that paying more taxes is “patriotic.” Oops: He and his wife reportedly have been using a major loophole to cut their tax bills by six figures.
The Bidens’ tax returns from 2017, 2018 and 2019 show that they routed at least $13 million in income from speaking engagements and book royalties through two S-corporations, thereby avoiding Social Security and Medicare payroll taxes.
It’s perfectly legal, just massively hypocritical: Biden loudly insisted that paying higher taxes is an act of patriotism for the wealthy back in 2008 and again in 2012. On the campaign trail, he vowed that he and President Barack Obama would fix the allowances for “special interests in Washington” that were “making things worse.”
Indeed, the Obama-Biden budget plan for fiscal year 2017 called for the elimination of the exact loophole Joe would exploit for the next three years.
House Republicans now raise the hypocrisy as Biden looks to hike taxes by trillions without bipartisan cooperation. Claiming the prez avoided at least $500,000 in payroll taxes, Rep. Jim Banks (R-Ind.) challenges him to “undo your hypocrisy and pay these taxes back to the American people.”
Show us your patriotism, Joe.
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