From Day 1, President Joe Biden promised he’d support the everyday working American. He vowed that while we would see tax increases, it would only impact the wealthy.
In Biden’s recent infrastructure bill, Biden noted that the richest 1 percent of citizens saw a net increase of $4 trillion. Then he condemned loopholes corporations use to evade taxes.
But Republicans are quick to remind POTUS of one thing — he allegedly used the very same loopholes.
GOP Study Committee Chairman Rep. Jim Banks (R-Ind.) penned a scathing letter, outlining Biden’s use of these evasive tactics. He also reminded Democrats of going after Trump for his tax returns.
Republicans are calling out Biden’s “13M hypocrisy” in this case, claiming the Biden family raked in plenty of cash by doing exactly what Joe is railing against now.
It’s likely that the GOP will focus on this as they attempt to reclaim some power in the 2022 midterms. Several Republican leaders certainly seem confident that this will happen, too.
As Rep. Banks told Fox News:
When we take back the House in 2022, Oversight [Committee] Republicans won’t forget about Biden’s legally dubious tax avoidance schemes.
Between 2017 and 2019, Joe and Jill Biden managed to route $13 million in income through two S-corporations (CelticCapri and Giacoppa Corporations).
Now, this is a legal maneuver and one the wealthy have been using for years.
That being said, these are precisely the loopholes Biden wants to close. He hasn’t denied doing this – again, it is legal – but he also hasn’t addressed the apparent hypocrisy of his situation.
And Banks demands some answers on this issue:
Do you intend to undo your hypocrisy and pay these taxes back to the American people?
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.
Republicans are in the minority on Capitol Hill right now, though.
This means they simply don’t have the necessary authority to demand information from the Biden administration. But nothing is stopping them from bringing it out to the media.
On top of that, they can remind America just how vigorously Democrats sought Trump’s tax returns.
The GOP will simply ask: if it’s okay for the public to see Trump’s taxes, shouldn’t we also demand the same transparency from the current President?
Banks also went after more “inside baseball” in regards to Biden’s finances:
The ACA imposed higher taxes on millions of Americans, but not Joe Biden.
He paid $121,000 less in ObamaCare taxes thanks to an obscure tax loophole. Talk about inside baseball.
Joe Biden advocated for expanding Medicare, and is pushing to close tax loopholes and for a $3 trillion tax hike.
At the same time, ‘Amtrak Joe’ made $13 million through speaking fees in just three years, then skimped over $500,000 from Medicare recipients through tax loopholes.
Back in July 2020, The Wall Street Journal revealed that the Bidens saved as much as $500,000 by making their S-corp tax move. They also avoided paying 3.8 percent in Medicare payroll taxes.
Basically, you have two very wealthy individuals who played the system to save a large amount of their income.
It’s nothing new, really; the rich have been doing this throughout the history of the country. However, when you condemn the tax loopholes that you’ve used in the past, it does sound awfully hypocritical.
And that’s precisely what the GOP wants to show.
- Republicans have called out Biden’s “$13M tax hypocrisy.”
- Biden is coming down hard on tax loopholes used by the rich. But it seems he’s used these same loopholes himself multiple times.
- The GOP reminds us that Democrats demanded Trump’s tax returns. So maybe Biden should also be willing to make his information public.