Biden can owe up to $ 500,000 in back taxes

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President Biden may have wrongly avoided paying Medicare taxes before taking office and could owe the IRS up to $ 500,000, according to a report by the Congressional Research Service.

“Joe Biden wants to raise taxes by $ 2.1 trillion, claiming the rich will have to pay their ‘fair share’. But in 2017, multimillionaire Joe Biden bypassed his wage taxes – the very taxes that Medicare and Obamacare fund, ”said Rep. Jim Banks, chairman of the Conservative Republican Studies Committee.

Banks said the report showed Biden abused “S-companies” while he and First Lady Jill Biden took in over $ 13 million in lecture fees and book sales in 2017 and 2018, but less than $ 800,000 of which as a taxable salary counted for Medicare.

BIDEN DOUBLED TO 3.5 TRILLION PLAN, THE MANCHIN, MODERATE DEMS AGAINST: “NOT ABOVE SHORT-TERM STIMULUS”

Biden led the indictment in passing a $ 3.5 trillion bill that would help fund childcare, education and health care. To pay for the cost of massive legislation, Biden’s plan calls for combating tax avoidance while increasing taxes on high-income people who Biden claims will not “pay their fair share”.

A draft bill includes a provision that would close similar loopholes to the one used by Biden, although the report suggests that Biden would still owe taxes under the current rules.

The report does not name the president, but does analyze cases where the IRS has won a judgment against taxpayers who inappropriately exploited the suburban companies to evade Medicare tax.

But when the Bidens released their tax returns during his presidential campaign, they revealed the couple saved up to $ 500,000 by bypassing the 3.8 percent self-employment tax on the suburban companies.

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“As their effective federal tax rate in 2017 and 2018 – which exceeded 33% – shows, the Bidens are committed to ensuring that all Americans pay their fair share,” a statement from the Biden campaign said at the time.

Some experts believe the IRS lacks the resources to investigate all taxpayers who abuse suburban businesses to avoid taxes.

“There are millions – literally millions – of suburban companies. So there could be half a million S companies playing this game, ”said John Bogdanski, who served as a member of the IRS commissioner’s advisory group. “And the IRS doesn’t have nearly enough budget to get half a million cases every year.”

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