While recently touting his infrastructure plan, President Biden griped “the wealthiest 1% of Americans saw their net worth increase by $4 trillion,” he then ripped loopholes and deductions corporations used to dodge taxes.
But a blistering letter from the leader of a House conservative caucus regarding Biden’s own tax loopholes could foreshadow what Republicans will include in their oversight agenda should they flip the House of Representatives in 2022.
“House Democrats used their oversight power to subpoena Trump for his tax returns, but they’ve completely ignored Joe Biden’s abuse of our tax code,” Republican Study Committee Chairman Rep. Jim Banks, R-Ind., 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.”
As a private citizen in 2017, 2018 and 2019, Biden and first lady Jill Biden routed $13 million in income through two S-corporations – CelticCapri Corporation and the Giacoppa Corporation – to avoid paying taxes that help fund Medicare and the Affordable Care Act (ACA), better known as ObamaCare. While entirely legal, Biden has advocated eliminating such loopholes, while also promoting the expansion of both Medicare and ObamaCare.
The Banks letter to Biden asked, “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,” reads the letter, dated March 25.