Skip to comments.The Bidens Used S Corps To Avoid Paying Hundreds of Thousands in Payroll Taxes
Posted on 09/29/2020 12:03:25 AM PDT by Enterprise
Joe and his wife Jill Biden funneled millions in income through a pair of S corporations they set up in Delaware as a way to circumnavigate paying Social Security and Medicare taxes, according to an August opinion article in The Wall Street Journal.
Of the nearly $13.3 million the couple took in primarily through speaking fees and book royalties during the 2017 and 2018 tax years, they claimed just $750,000 in income.
(Excerpt) Read more at westernjournal.com ...
The tax system favors wealthy people with expensive accountants especially career politicians.
I would love Trump to spin this gotcha attempt into an argument for the FairTax.
Please let it happen!
Social Security taxes end after you hit $137,700 in income. The employer stops paying his share of your SS tax at the same amount.
The Biden’s were self-employed, so they have to pay both shares, but they pay zero after they each hit $137K.
Medicare tax, as far as I know, is unlimited for both employer and employee.
The Biden’s would both pay 3% on all their income.
The big question for me...
How did they generate $12.5 million in expenses on $13.3 million in income?
“These evil demoncrats do not care about the sovereignty of our country, the welfare of our young people, the livelihood of tax paying citizens, the rights of Bible believers, etc...”
The Democrat leadership (power) ranks are now largely possessed by the Great Deceiver. Deceit is their stock in trade, in a Faustian exchange for wealth and power.
They cannot be reasoned with, only fought against.
“How did they generate $12.5 million in expenses on $13.3 million in income? “
I will guess in costs for staff, services and property acquisitions. Very expensive, family-related staff and services, and real nice properties. Just a quick guess.
Where do I sign up for those kind of speaking fees!!
Joe Biden released two books, July 2017 and November 2017.
And he generated how much in book Royalty????
Politicians set up a rigged game. You can donate to the Clinton Foundation, and for a small processing fee, launder your monies.
....In general, S corporations do not pay any income taxes. Instead, the corporation’s income and losses are divided among and passed through to its shareholders. The shareholders must then report the income or loss on their own individual income tax returns....
...Shareholders must be U.S. citizens or residents (not nonresident), and must be natural persons, so corporations and partnerships are ineligible shareholders. However, certain trusts, estates, and tax-exempt corporations, notably 501(c)(3) corporations, are permitted to be shareholders. An S corporation may be a shareholder in another, subsidiary S corporation if the first S corporation owns 100% of the stock of the subsidiary corporation....
SOOO—Biden didn’t pay his ‘fair share’ into SS & Medicare, and he now accuses Trump of bankrupting both.
The Medicare deduction has NO upper limit.
Social Security limits out just over $100,000.
Company is required to MATCH both items penny for penny.
It may be legal, but Biden has been corrupt for all of his life.
Maybe God is handing him dementia as a punishment......
Not true! They made $13M in speaking fees!
But seriously, Trump should a few things like that to get Biden all riled up.
On $750,000 on income,:
Medicare at 1.45% would be $10875.00 deducted from Joe’s pay. Company would have to match that for a total of $21,750,00,
Social Security isn’t on every $$ of earnings... Don’t know the current limit threshold—but using $110,000 s a limit for example:
Social Security t 6.2% applied to $110,000 of earnings == $6820.00. With matching company funds, that total is $13,640.00
Grand total of $35,390.00
Depending on how many years are involved, Joe has been cheating the USA out of alot of $$$$$$$$.
How does setting up an S-Corp get you past paying payroll taxes? Asking for a friend...
Revision based on post #8:
Social Security AT 6.2% on $137,700.00 deduction from Joe’s income==$8537.40.
Matching company funds brings that Social Security payment to $17,074.80...
Add his Medicare payment of $21,750.00 and you have a total of $38,824.80.
This might all be legal, but Joe is a snake.
Thx for the breakdown........and that’s only one source of income he cheated on (book deals and speaking fees).
Biden has many, many sources of income......Hunter’s kickbacks to his dad from his own dirty deals must be huge.
The Biden Crime Family Syndicate are all cashing in on the taxpayers’ dime.....and cheating the govt for who knows how much.
Trump should stick to policy. He doesnt need to get personal. He wins easily on his governing record against Joes.
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