The Congressional Republicans condemned President Joe Biden for tax hypocrisy. It was their response to Biden’s appeal for wealthy Americans to “pay their fair share”. America’s rich and privileged never hesitate to bite back, even though they have to confront the President. The Republicans discovered that Joe Biden had avoided paying taxes before he took office. In other words, his proposal to raise taxes on higher incomes was doomed to encounter fierce opposition.
In an effort to fund a $3.5 trillion relief package, Joe Biden called on US lawmakers to revise the current tax code and increase taxes for certain categories of taxpayers. According to estimates by the US Treasury Department, the wealthiest Americans account for 1%, but they might be dodging as much as $160 billion in annual taxes. This tax gap became possible because the tax authorities lack precise information about incomes of rich citizens. Nevertheless, Biden’s idea found just few supporters among policymakers. Moreover, some of them retorted that Joe Bide himself neglected his payroll taxes. “Every American should know about Joe Biden’s tax hypocrisy,” Republican Jim Banks, Chairman of the Republican Study Committee, said.
The US President owes the Internal Revenue Service $500K. He had skipped paying taxes under the Medicare program before he was elected President. Referring to the investigation of the Congressional Research Service, Jim Banks explained that Biden abused “S corporations” to avoid paying taxes on his lecturing fees and book sales in 2017 and 2018. All in all, Joe and Jill Biden siphoned more than $13 million through S corporations but declared less than $800K as their income eligible for the Medicare tax.
