Joe Biden wants to raise trillions of dollars in new taxes as part of a $3.5 trillion socialist tax and spend bill.
But now Biden has a new problem.
And Joe Biden is about to get slapped with this major scandal about not paying his taxes.
Republican Study Committee Chairman Indiana Congressman Jim Banks referenced a Congressional Research Service report that shows Joe Biden allegedly avoided paying $500,000 in taxes by improperly taking advantage of a provision in the tax code that allows S corporations to avoid paying 3.8 percent in social security taxes.
Fox News reports:
President Biden may have improperly avoided paying Medicare taxes before he took office and could owe the IRS up to $500,000, according to a Congressional Research Service report.
“Joe Biden wants to raise taxes by $2.1 trillion while claiming the rich need to pay their ‘fair share.’ But in 2017, multi-millionaire Joe Biden skirted his payroll taxes — the very taxes that fund Medicare and Obamacare,” said Rep. Jim Banks, who chairs the conservative Republican Study Committee.
Banks said the report indicated that Biden improperly used “S corporations” while he and first lady Jill Biden raked in over $13 million on speaking fees and book sales in 2017 and 2018, but counted less than $800,000 of it as a salary that could be taxed for Medicare.
Biden and the Democrats made going after tax cheats a centerpiece of their $3.5 trillion-dollar spending bill.
A provision in the legislation allows the IRS to spy on Americans’ bank accounts and monitor all transactions and deposits of more than $600.
That provision isn’t about targeting big tax cheats like Biden to pay for his massive socialist expansion of the welfare state in his $3.5 trillion bill.
Instead it gives the IRS massive surveillance powers over millions of Americans so they can harass them and extract huge penalties for nickel-and-dime mistakes.
Americans will be outraged when they find out.
Renewed Right will keep you up-to-date on any new developments in this ongoing story.