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President Biden on Friday urged wealthy Americans to “step up and pay” their “fair share” in taxes — despite a new report that showed Biden may owe up to $500,000 in federal taxes. The so-called rich have paid their fair share and the poor have gotten many free rides and want more. Democrats led by Biden propose paying for a pending $3.5 trillion social spending bill through an IRS crackdown on tax cheats and by raising taxes on higher incomes and businesses.
“We have to rehire some IRS agents… not to try to make people pay something they don’t owe — just to say, ‘Hey, step up. Step up and pay like everybody else does’,” Biden said at the White House. “Look, I really mean this. If you look at my whole career — I come from the corporate state of America — I just think it’s about just paying your fair share for lord’s sake.” Biden avoided paying Medicare taxes on speech and book-sale income in 2017 and 2018 by using a dubious accounting tactic employed by wealthy people to avoid paying for federal health programs.
Biden and first lady Jill Biden routed more than $13 million through “S corporations” and counted less than $800,000 of it as salary eligible for the Medicare tax — exempting the rest from what would have been a 3.8 percent rate. He should have paid the tax on the share of this income that was earned as a result of his own labor, experts say.
The question of whether Biden improperly avoided paying taxes resurfaced when Rep. Jim Banks (R-Ind.) requested a report from the Congressional Research Service on S corporation tax obligations. Banks’ office provided a copy of the report to The Post, arguing that it shows Biden owes the IRS back taxes. “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,” Banks said.
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