It now seems, at least anecdotally, that roughly 100% of rich people that complain about rich people exploiting tax loopholes themselves exploit tax loopholes.
While pitching his $2 trillion infrastructure plan and how to pay for it, Biden noted that the top 1% saw their net worths increase by $4 trillion during the pandemic, even as the majority of the nation got poorer. While it’s obviously preferable for the wealthy to fund any program instead of the middle class and the poor, Biden then, without a hint of irony, ripped the wealthy for exploiting tax loopholes…. just like he does.
And Congressional Republicans took notice.
According to Fox News:
A blistering letter from the leader of a House conservative caucus ( Rep. Jim Banks) 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.
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 Wall Street Journal first reported the first couple’s tax move in July that saved them as much as $500,000. The newspaper said the Bidens avoided paying 3.8% in Medicare payroll taxes by moving book royalties and speaking-related income into an S-corporation.
Ironically, this is a tax loophole that Obama himself tried to end.
The Banks letter asked Biden “Do you intend to undo your hypocrisy and pay these taxes back to the American people?” It adds: “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.”
“When we take back the House in 2022, Oversight [Committee] Republicans won’t forget about Biden’s legally dubious tax avoidance schemes,” Banks says.
A full copy of his letter can be read here: (PDF).
Tucker Carlson addressed this last week (relevant part begins at 3:45) while outlining all the problems with Biden’s infrastructure plan (that has surprisingly little to do with infrastructure).
Matt Palumbo is the author of Dumb and Dumber: How Cuomo and de Blasio Ruined New York, Debunk This: Shattering Liberal Lies, and Spygate
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