Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax

Breitbart ^ | 9/28/2020 | Matthew boyle

[bitt]

The establishment media is all aflutter Monday after a New York Times story over the weekend about incumbent GOP President Donald Trump’s tax records, but it turns out Democrat candidate former Vice President Joe Biden used a series of tax code loopholes to avoid paying hundreds of thousands of dollars in taxes over the years.

Back in August, the Wall Street Journal’s Chris Jacobs exposed how the Biden family structured what is called an “S-Corp” to avoid paying hundreds of thousands of dollars in taxes.

“How the Bidens Dodged the Payroll Tax,” was Jacobs’ headline on Aug. 10.

In it, the Journal details how the Bidens set up an S-Corporation to avoid paying more than half a million dollars in taxes they would have otherwise owed.

“Joe Biden responded to President Trump’s partial suspension of payroll-tax collections with a statement calling it the ‘first shot in a new, reckless war on Social Security,’” Jacobs wrote. He continued: “‘Our seniors and millions of Americans with disabilities are under enough stress without Trump putting their hard-earned Social Security benefits in doubt.’ Mr. Biden’s objections might be more persuasive had he and his wife, Jill, not gone out of their way to avoid funding seniors’ entitlement benefits. According to their tax returns, in 2017 and 2018 the Bidens and his wife Jill avoided payroll taxes on nearly $13.3 million in income from book royalties and speaking fees. They did so by classifying the income as S-corporation profits rather than taxable wages.”

Jacobs continued in his expose by noting the corporation the Bidens established to avoid paying the payroll taxes on millions of dollars in income amounts to more than half a million dollars in taxes that Joe and Jill Biden did not pay.

[bitt]

p

[Oatka]

[Lod881019]

This rabbit hole they went down they will now regret

[Sarah Barracuda]

HEY NOW THAT’S DIFFERENT..says the commie media

[BlueStateRightist]

Not really. The MSM will ignore this. If it’s brought up they will go to a commercial break.

[GrandJediMasterYoda]

Let’s see if Chris Matthews questions Biteme in the debate about this and his sons shakedown of foreign corporations. HA! There’s about as much chance of that happening as Pelosi going conservative. WHY are liberals always the damn moderators in these debates??

[WASCWatch]

You can bet your ass that the Obamas also set up S-Corps.

[WASCWatch]

Makes no difference what questions are asked by Christie, Trump will ask the questions he wants answered.

[Seruzawa]

There are no tax loopholes. There is only incompetent law writing.