Same song, different verse. For someone who spends much of his time claiming to defend Social Security and Medicare, President Joe Biden takes a pass one day a year: Tax Day.
For the sixth consecutive year, Biden and his wife avoided paying Medicare and Social Security taxes on some of their income by using a controversial loophole. The corporate press largely avoids this issue, but congressional Republicans interested in exposing the Bidens’ hypocrisy should not.
Residual Book Sales
In 2017, both Joe and Jill Biden set up S-corporations to handle their book and speech income. By funneling this income through the S-corporations — in Joe’s case through the CelticCapri Corporation, and in Jill’s case through the Giacoppa Corporation — they avoided payroll taxes on profits from the companies.
In 2022, the Bidens characterized $5,092 as corporate profits exempt from payroll taxes, as shown on page 13 of their return:
This $5,092 gets broken down in two ways — $2,933 comes from Joe’s CelticCapri Corporation, while $2,159 comes from Jill’s Giacoppa Corporation.
In the president’s case, Biden avoided paying 3.8 percent in taxes on his corporate profits — a 2.9 percent tax that funds Medicare and an additional 0.9 percent tax imposed by Obamacare. (So much for Biden’s claim that “Obamacare is personal to me.”)
Jill, who earned $82,335 as a teacher at Northern Virginia Community College, avoided more in taxes, as she did not reach last year’s Social Security wage cap of $147,000.
Because she would have had to
