As they have in previous years, President Biden made a theatrical show of releasing the income tax returns of him and his wife Jill on Tax Day. And as in previous years, the corporate press once again did a lousy job of pointing out an important theme concerning the Bidens’ finances.
For someone who spends much of his time purporting to defend Medicare and Social Security, Joe Biden hasn’t made any steps to put his own money where his mouth is. And given all the times Biden himself uses the phrase “show me your budget—and I’ll tell you what you value,” one would think someone in the corporate media would ask questions about why the Biden family budget doesn’t align with their political values.
Tax Loophole Undermines Medicare
These pages have chronicled how in prior years, Joe Biden and his wife Jill set up S-corporations through which they funneled their earnings from books and speaking engagements. By characterizing those earnings as corporate profits rather than wages, they have avoided more than $523,000 in payroll taxes since 2017 — taxes that fund a combination of Medicare, Obamacare, and Social Security.
In 2023, Biden’s S-corporation, the CelticCapri Corporation, reported no income — perhaps because “Bidenflation” has eroded American families’ ability to spend money on relative luxuries like Biden’s book. But Jill Biden’s business, the Giacoppa Corporation, reported $4,115 in income, which the Bidens subtracted from their payroll tax obligations. (See the top of page 11 here.)
In 2023, Jill Biden’s teaching salary
