After Biden goes after 1%, GOP accuses him of using loopholes to avoid health taxes

• Author: Dan Verbin
• Published date: 05 April 2021
• Date: 05 April 2021
• Publication title: Israel National News (Israel)

In a letter signed by Rep. Jim Banks (R-IN), chair of the Republican Study Committee, the GOP called Biden's statements "hypocrisy" and stated that he used a "tax shelter strategy derived by the left to avoid paying Obamacare taxes."

"Over the past several years, you and the First Lady, through a legally dubious tax strategy, appear to have avoided payment of over $500,000 in payroll taxes. As you may know, these payroll taxes fund Medicare for our nation's seniors, and were increased by President Obama's Affordable Care Act."

The letter noted that in 2017, 2018 and 2019, tax records reveal that Biden and his wife, Jill Biden, sheltered over $13 million of income in two S-corporations, which enabled them to protect book royalties and speaking appearance fees from self-employment payroll taxes. It stated that "tax experts have questioned the propriety of diverting funds raised from one's own intellectual property through an...