President Joe Biden has long accused large corporations and wealthy individuals of not paying their fair share in taxes. However, House Republicans say they have serious questions about the president’s own tax history.
Biden again railed against high-dollar earners during his recent State of the Union address, saying, “I’m a capitalist, but just pay your fair share.”
“Simply not fair”
“And I think a lot of you at home agree with me that our present tax system is simply unfair,” the president declared last week.
“The idea that in 2020, 55 of the biggest companies in America made $40 billion in profits and paid zero in federal income taxes? That’s simply not fair,” he added.
Biden went on to reiterate those sentiments in a tweet on Sunday, complaining that “the wealthiest and biggest corporations need to pay their fair share.”
Look, I’m a capitalist. But the wealthiest and biggest corporations need to pay their fair share.
Thankfully now, because of the law I signed, billion-dollar companies have to pay a minimum 15 percent in taxes.
— President Biden (@POTUS) February 12, 2023
IRS proposes crackdown
Yet despite this claim, Fox News has reported that the IRS is planning to crack down service industry workers who underreport tips.
Fox News quoted Americans for Tax Reform federal affairs manager Mike Palicz as saying, “Those 87,000 new IRS agents that you were promised would only target the rich. They’re coming after waitresses’ tips now.”
Meanwhile, Republican House Oversight Committee Chair has indicated that he wants more information about Biden’s finances.
“I want to be clear, this is an investigation of Joe Biden,” Comer said at a press conference in November. “The Biden family’s business dealings implicate a wide range of criminality from human trafficking to potential violations of the constitution.”