Joe Biden is fond of saying that the rich should “pay their fair share.” That’s a big part of the $3.5 trillion budget reconciliation plan that he’s been pushing.
Here’s one example:
First, this is pitching class warfare — trying to demonize the rich and pit people against each other.
Second, it’s straight-up untrue.
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By contrast, the latest data from the Congressional Budget Office shows that in 2018, the year after the Tax Cuts and Jobs Act (TCJA) lowered taxes for every income group, the share of income taxes paid by the top 1% of taxpayers reached a near-record high of 41.7%. The same group paid almost 26% of all federal taxes, twice the share paid by the bottom 60% of Americans combined.
But there may be one rich person who hasn’t paid his fair share — that’s Joe Biden himself.
Biden may have avoided paying as much as $500,000 in back Medicare taxes on speaking fees and book sales in 2017 and 2018, according to Fox News.
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.
Banks is pointing to a Congressional Research Service report, that, while not naming Biden, looks at situations where people similarly counted most of the distributions as exempt from Medicare taxes and found some of the incidents to be problematic.
That says a lot about Biden and how hollow his words are. He may not have paid what he was legally required to. Even if it were found that he did, he used a “loophole” — the S corporation and he’s doing it specifically in the areas that fund Medicare and Obamacare. Not a good look for someone demanding that people pay their “fair share.” Yet he wants to have the IRS look inside your bank account if you had an inflow or outflow of more than $600 in a year (which is pretty much everyone). How about he does that to himself first and pays his own “fair share” before he starts preaching at and improperly snooping on the rest of us?