Sen. Rick Scott’s ad said Joe Biden “cheated” on taxes. That’s false. Biden used a tax loophole that has faced criticism but is legal.
Biden"cheated on his taxes and got away with it," Scott said in the, which he announced Feb. 7 via tweet."Biden improperly used a loophole to dodge half a million dollars in taxes that should have gone to Medicare. Now that Biden has ripped off Medicare for half a million dollars, he wants to close the loophole and raise your taxes."
Scott, who is running for re-election in 2024, timed the ad to coincide with Biden’s visit to Tampa, Florida, where Biden discussed his plans for Social Security and Medicare.We found that on their 2017 and 2018 joint tax filings, Joe and Jill Biden used a strategy to lower their tax bill that some people have criticized and called a giveaway to wealthy taxpayers.
However, tax experts say that the definition of"reasonable compensation" is subject to interpretation. In 2017 and 2018, the Bidens’ S corporations reported $13 million in profit that wasn’t subject to the 3.8% tax, while allocating less than $800,000 to the Bidens as"compensation." If the $13 million had been reported as personal income subject to the 3.8% tax, the Bidens would have owed an estimated $500,000 for Medicare funding.
, including from Joe Biden’s book about his late son Beau. Overall, the Bidens paid $3.7 million in taxes in 2017 and $1.5 million in 2018.
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