President Biden has come under fire by House Republicans for ‘hypocritically’ using an IRS loophole to avoid paying taxes on $13 million in income for tax years 2017 and 2018, while slamming wealthy Americans for using similar schemes to minimize their tax burden, according to Fox News.
In a scathing letter from the leader of a House conservative caucus Rep. Jim Banks (R-IN), the Bidens’ used two S-corporations, the CelticCapri Corporation and the Giacoppa Corporation, to funnel proceeds from book royalties and speaking appearances, “avoiding self-employment payroll tax liabilities that would have flowed to America’s Medicare program that provides care to over 60 million seniors.”
“Tax experts have questioned the propriety of diverting funds raised from one’s own intellectual property through an S-corporation,” the letter continues. “Even your own failed OMB nominee, Neera Tanden, while she was running the Center for American Progress, described this practice as a “loophole.”
“Your hypocrisy is highlighted by the fact that Medicare faces significant funding shortfalls,” Banks continues in the March 25 letter. “Just this year, the Congressional Budget Office estimated its Hospital Insurance Trust Fund will face insolvency in the middle of Fiscal Year 2026—roughly five years from now.” – READ MORE
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