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Congressman, Americans for Tax Reform call on Biden to explain $500,000 in unpaid taxes

Congressman, Americans for Tax Reform call on Biden to explain $500,000 in unpaid taxes
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Congressman, Americans for Tax Reform call on Biden to explain $500,000 in unpaid taxes

(The Center Square) â Rep.Â Jim Banks, R-Ind., sent a letter to President Joe Biden this week asking him to explain why he reportedly used a tax loopholeÂ to avoid paying $500,000 in payroll taxes.
In a letter written this week, Banks, who serves asÂ Republican Study Committee chairman, asked Biden, âDo you intend to undo your hypocrisy and pay these funds back to the American people?â
Banks said that $13 million worth of income redirected into two S-corporations enabled Biden to avoid paying personal income taxes by directing revenue from book royalties and speaking appearances and not paying self-employment payroll tax liabilities that would have funded Medicare and other federal programs. ....

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How Biden is Expected to Raise Taxes to Fight COVID-19 and Its Economic Battering

How Biden is Expected to Raise Taxes to Fight COVID-19 and Its Economic Battering
The 2017 tax act eroded US economic resources that are now necessary to rescue our economy from the impact of the pandemic s accompanying recession; here are some ways President Biden will propose to roll back some of its give-aways
January 25, 2021
Maxim Kazmin @AdobeStock
The Biden Administration will likely focus initially on crises such as pandemic response and the struggling economy, but it won’t be long before it will turn its attention to tax reform.
A blog from the Brookings Institute points out that The Tax Cuts and Jobs Act of 2017 spurred the country’s soaring national debt and created a reflective decrease in the government’s ability to respond to last year’s recession. The Congressional Budget Office estimates the legislation’s provisions will increase the deficit $1.3 trillion over 10 years. ....

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Tax Proposals of President-Elect Biden and Other Prominent Democrats | Proskauer - Tax Talks

Corporate Minimum Tax
Biden would introduce a new 15% minimum tax on book income of companies that report net income of more than $100 million. Corporations would pay the higher of the regular corporate income tax or the 15% minimum tax. The minimum tax would still permit corporate taxpayers to use foreign tax credits and any net operating loss carryovers.
Changes to GILTI
Biden would double the current effective tax rate on “global intangible low-taxed income” (“GILTI”) from 10.5% to 21% (and from 13.125% to 26.250% starting in 2026).
In addition, Biden would calculate GILTI tax liability on a country-by-country basis, rather than a global basis, and thereby deny taxpayers the ability to blend high-taxed foreign income with low-taxed foreign income. Under current law, the GILTI tax exempts earnings up to a 10% deemed return on “qualified business asset investment.” Biden would eliminate the exemption. ....

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Covid Relief Bill Adds PPP Tax Breaks the Treasury Opposed

There are also a series of provisions aimed at ailing small businesses.
In particular, Democrats said they would earmark $284 billion for forgivable loans through the Paycheck Protection Program, according to a joint statement from House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer.
Lawmakers also said that they would expand PPP eligibility to include nonprofits and local newspapers, TV and radio broadcasters.
The PPP was originally established in the CARES Act this spring. In all, about 5 million firms received some $525 billion in loans through the program.
Generally, borrowers are eligible for PPP loan forgiveness if they apply at least 60% of the proceeds to payroll. Partial loan forgiveness may be available to those who don t meet this threshold. ....

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