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A group of House Republicans are vowing to expose the tax loopholes utilized by President Biden in his own personal filings if he and Democrats move forward with an infrastructure package that would raise taxes.
Speaking to Fox News Monday, Rep. Jim Banks (R-In.), chairman of the Republican Study Committee, reiterated the warnings he previously delivered to the commander-in-chief in a letter late last month.
“House Democrats used their oversight power to subpoena [former President Donald] Trump for his tax returns, but they’ve completely ignored Joe Biden’s abuse of our tax code,” Banks told the network.
“When we take back the House in 2022, Oversight [Committee] Republicans won’t forget about Biden’s legally dubious tax avoidance schemes,” he continued.
In his letter to Biden, dated March 25, Banks alleges that the 46th president used two S-corporations to avoid paying $500,000 in payroll taxes.
S-corporations do not pay federal income taxes, and the payroll taxes avoided in this case would have gone to fund Medicare.
In 2017, 2018 and 2019, the president and First Lady Jill Biden, private citizens at the time, routed $13 million in income through the CelticCapri Corporation and the Giacoppa Corporation to avoid paying taxes on the funds.
The move is completely lawful, and Biden faces absolutely no legal trouble for doing so.
Politically, however, it is a different story.
Biden has spent years advocating to eliminate those loopholes, and especially in the last decade, has been an ardent advocate for Medicare and the Affordable Care Act.
“Do you intend to undo your hypocrisy and pay these taxes back to the American people?” Banks asked in his letter to the president.
A Biden spokesperson did not immediately respond to The Post’s request for comment on the letter or the accusation.
Banks sent the letter to Biden as the president was preparing to formally unveil one half of his mammoth infrastructure package, worth about $2 trillion.
The two-part “Build Back Better” proposal, a centerpiece of his post-COVID campaign message, will be split into two packages for Congress to pass.
The first part, focused on infrastructure, is not being well received by the far left or the right.
Despite the opposition, a top Biden official said Sunday the president was open to pushing the plan through Congress with or without Republican support.
Energy Secretary Jennifer Granholm suggested that the White House may pursue passing the legislation through the parliamentary procedure known as reconciliation that requires a simple majority in the narrowly divided 50-50 Senate.
Senate Democrats used it to approve Biden’s $1.9 coronavirus stimulus plan last month.
“As he has said, he was sent to the presidency to do a job for America, and if the vast majority of Americans, Democrats and Republicans, across the country support spending on our country and not allowing us to lose the race globally, then he’s going to do that,” Granholm said of her boss on CNN’s “State of the Union,” although she added that the president would prefer bipartisan support.
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