Medicare and Social Security tax evasion accusations leveled towards Dr. Mehmet Oz, according to statements from Democratic parties.
Title: The Social Security and Medicare Tax Controversy Surrounding Dr. Mehmet Oz's Nomination
Hey there, let's discuss a buzzworthy topic that's been making waves lately! The renowned doctor, Dr. Mehmet Oz, tapped by President Donald Trump to lead the Centers for Medicare and Medicaid Services (CMS), has been caught in a tax controversy, according to a memo from the Senate Finance Committee.
Democratic committee staff claim that Oz may have underpaid his Social Security and Medicare taxes. However, a spokesperson for Oz has swiftly denied these accusations, insisting that the doc is in compliance with the law.
The controversy has cast a shadow over Oz's confirmation hearing, where it was revealed that he paid almost nothing in Social Security or Medicare taxes in 2022 and 2023 — potentially evading $440,000 in levies. This raises eyebrows considering Oz's future role in overseeing Medicare, given that the CMS provides healthcare coverage to more than 160 million Americans.
Oz has argued that he's not liable for certain taxes, such as the self-employment tax (SECA), on income from his media entity Oz Property Holdings. But this stance, as Sen. Ron Wyden says, could suggest a lack of commitment to the very system that nurses and firefighters contribute to via every paycheck.
During the hearing, Wyden pointed out the irony, saying, "What that means is the person who is nominated to run Medicare thinks that it's acceptable not to pay his taxes into Social Security and Medicare."
Oz's accountant explains his tax strategy by citing the limited partner exception that allows certain income to be excluded from self-employment earnings. However, Democratic staffers argue that this is disputable, as they believe Oz was actively involved in the company bearing his name. In fact, they contend that this position contradicts that of the Department of Treasury.
Interestingly, Oz has stated that he will not amend his tax returns.
The Office of Government Ethics (OGE) has vouched for Oz, indicating that any potential conflicts have been resolved, and he is in compliance with the law. Yet, one tax expert acknowledges that Oz's actions may indeed fall within the legal boundaries but brands it an "aggressive dodge" that he wouldn't recommend.
The White House elected to stay mum on the matter for now. Stay tuned for further updates on this captivating story!
- Despite the tax controversy surrounding Dr. Mehmet Oz's nomination to lead the Centers for Medicare and Medicaid Services (CMS), a nominee who would oversee Medicare for more than 160 million Americans, Oz has argued that he's not liable for certain taxes, such as the self-employment tax (SECA), on income from his media entity Oz Property Holdings.
- The controversy, including Oz paying almost nothing in Social Security or Medicare taxes in 2022 and 2023 — potentially evading $440,000 in levies — has raised eyebrows and cast a shadow over his confirmation hearing.
- Interestingly, despite the disputes over his tax strategy and potential conflicting positions with the Department of Treasury, the Office of Government Ethics (OGE) has vouched for Oz, indicating that any potential conflicts have been resolved, and he is in compliance with the law.
