However, a raging letter from the leader of a House conservative caucus about Biden’s own tax loopholes could foretell what Republicans will cover in their oversight agenda should they flip the House of Representatives in 2022.
"House Democrats used their oversight power to subpoena Trump for his tax returns, but they’ve completely ignored Joe Biden’s abuse of our tax code," Republican Study Committee Chairman Rep. Jim Banks, R-Ind., announced. "When we take back the House in 2022, Oversight [Committee] Republicans won’t forget about Biden’s legally dubious tax avoidance schemes."
As a private citizen in 2017, 2018 and 2019, Biden and first lady Jill Biden routed $13 million in income through two S-corporations – CelticCapri Corporation and the Giacoppo Corporation – to evade paying taxes that assist fund Medicare and the Affordable Care Act (ACA), better remembered as ObamaCare. While fully legal, Biden has advocated abolishing such loopholes, while further developing the expansion of both Medicare and ObamaCare.
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The Bank's letter to Biden questioned, "Do you intend to undo your hypocrisy and pay these taxes back to the American people?"
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"Press reports indicate that you both directed revenue from book royalties and speaking appearance fees into these two corporations avoiding self-employment payroll tax liabilities that would have flowed to America’s Medicare program that provides care to over 60 million seniors," reads the letter, dated March 25.
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In the minority, congressional Republicans – many of whom have called for oversight of Biden’s approach to the border crisis or of possible conflicts of interest about his son Hunter Biden’s overseas business – lack the power to compel Biden or his administration to provide data on any subject. Although, as Americans witnessed through the previous administration, the matters Democrats continuously talked about in 2017 and 2018 – including President Trump’s taxes – enhanced fodder for investigative hearings after Democrats held a House majority starting in 2019.
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The Biden tax savings show "Democrat hypocrisy is limitless," Banks stated, contrasting this with both the president’s public policies and the working-class image Biden promoted during his political career.
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"The ACA imposed higher taxes on millions of Americans, but not Joe Biden. He paid $121,000 less in ObamaCare taxes thanks to an obscure tax loophole. Talk about inside baseball," Banks told Fox News. "Joe Biden advocated for expanding Medicare, and is pushing to close tax loopholes and for a $3 trillion tax hike. At the same time, ‘Amtrak Joe’ made $13 million through speaking fees in just three years, then skimped over $500,000 from Medicare recipients through tax loopholes."
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