(HorizonPost.com) – Joe Biden has been promoting his $2-trillion infrastructure plan since unveiling it last week during a Pennsylvania speech. True to the Democratic long-standing tax and spend strategy, he aims to fund his plan by taxing the rich and closing loopholes. However, he recently got called out for his double standard.
Rep. Jim Banks (R-IN) sent a fiery letter to Joe Biden in late March pointing out the “hypocrisy” he’s exhibited by using a tax shelter “derided by the Left” so he could avoid paying payroll taxes. According to Banks, Biden and his wife Jill avoided paying more than $500,000 in taxes used to fund Medicare as required by Obamacare.
Biden made $13 Million in speaking fees in 3 years, then skimped over $500K from Medicare recipients through tax loopholes, then campaigned on closing loopholes & expanding Medicare.
— Jim Banks (@RepJimBanks) April 5, 2021
His letter explained the Bidens sheltered more than $13 million of their income in S-corporations. He said they did so to avoid self-employment payroll taxes that would’ve helped fund the over 60 million seniors receiving benefits through Medicare.
As Banks concluded, even Biden’s failed nominee to the Office of Management and Budget, Neera Tanden, called the practice of using S-corporations to shelter income a “loophole.”
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