The Edwards loophole

townhall.com ^ | 3/01/04 | Robert Novak

[kattracks]

But with Kerry on the brink of collecting a majority of delegates to guarantee the Democratic presidential nomination, he does not want to risk trouble with negative campaigning against his sole remaining serious opponent.

Or mention this embarassing information about someone who may be his VP?

[onyx]

You nailed it, Kat. :)

Off subject, but I take issue with Novak:
Faircloth, a self-made and largely inarticulate businessman

During the hearings into the boxes found in WH which Hillary couldn't tell us how they got there, ole Lauch Faircloth uttered the immortal words " the butler did it."

I MISS Lauch Faircloth. Desperately.

[GiovannaNicoletta]

bump

[Fracas]

Good grief! It's absurd to think this should be a line of attack by the WH at this early date. Where's the PRESS? I know, I know - I used to be 'the press'.

Has anyone asked Johnny if he has any corporations offshore? And what about property in his wife's name? She was a successful attorney until she quit to have the last two kids.

[onyx]

Fracas! You're posting! Good to *see* you! :)

[longtermmemmory]

This is nothing, it is just a Subchapter S corporation it is what it is supposed to do.

ANYONE qualified can set up a subchapter S. This article is futile. sorry folks but I do not see where the "scandal" is. I will not vote for the slime but geeze, this is pushing it.

[Fracas]

LOL. I'm here...just sitting in the weeds.

This is so irritating (maybe you could tell? - LOL!). There are so many questions even a halfway decent press would be asking...but NO!, the WP was rumored to have 8 reporters in Alabama looking for stuff on the AWOL issue.

The Dems should be quaking in their shoes about a Cheney-Edwards debate. Cheney may not be everyone's cup of tea (though I adore him), but he has a brain that can outhink Edwards on his best day. Now if he just had hair....

[longtermmemmory]

oops forgot, the subchaper S was NOT designed for professionals. the PA is for professionals. the Sub S is a seperate issue.

Sub S was set up to avoid the double taxation. IOW under a Sub C, a coropration pays taxes on the profit and then you pay taxes on the income profits when you get them. Taxed twice. With a Sub S. all the profit pass through to the shareholders and they are taxed as income ONCE.

[onyx]

Girlfriend, I wish you'd come in from the weeds a lot more often. Give it some thought, will ya?

[longtermmemmory]

this is not a real issue. honest. see my above posts. A sub S. is supposed to do this. This is not a scandal because he is doing what countless other small corprations do.

How many self emplyed freepers use Sub S corporations? I do.

[Fracas]

I do, too...2 in fact. However, I don't think that's the issue. Edwards is on his 'populist' soapbox, slamming the 'eeeevil corporations' and 'big business' (after all, Daddy worked in a mill).

It's the hypocrisy not the fact...though many Sub S's do get scrutiny from IRS.

[onyx]

Edwards is on his 'populist' soapbox, slamming the 'eeeevil corporations' and 'big business' (after all, Daddy worked in a mill).

I can't stop laughing! LOL-LOL-LOL.

His "daddy worked in a mill" is getting almost as tiresome as Kerry's "service in Vietnam."

[longtermmemmory]

Then the attack should be hypocracy, he condems corporations but has no qualm is using the same system as those he condemns. He is not as populist as he portrays is a valid point, the loophole argument is not a vailid point.

It is not a loophole, it is not illegal. The article needs to clarify that.

[GOPyouth]

Vice-President Cheney is not somebody I would want to debate. That guy knows his stuff, stays calm, and can rattle off hum-dingers when needed.

[Fracas]

Hey, I'm on YOUR side! I agree the article (and the debate) should have been restructured, but we do the best we can with what we've got...and at least he raised the issue. We can morph our 'concern' any way we see fit (the Dems do that all the time).

[Fracas]

Wouldn't that be fun to watch? I'd pay to see it, in fact. The only thing I might enjoy more is to see MRS. Cheney debate Edwards. Heh he heh....

[longtermmemmory]

sorry if I came on too strong.

I agree, this can be morphed to our benefit.

[Fracas]

No problem...I'm a 'uniter, not a divider'...ROFL.

But I'm no fan of the NEW TONE!

[GOPyouth]

I loved watching the 2000 debate with him and Lieberman. Cheney stayed so calm during that, then won the entire debate by pulling the rug out from under Lieberman when Lieberman tried to be funny. And what's funny, is he stayed so dang calm and relaxed when he did it. lol I'm off to bed.

[Shane]

As usual Novak has not properly researched his facts. Dividends are NOT deductible by corporations for Federal incomes tax purposes. Consequently Edwards would pay personal income taxes on the dividends at a higher rate than the Medicare tax that Novak is railing about, since Sub-Chapter S Corporations "pass through" income to stockholders. I don;t care for Edwards but he has done nothing wrong in this case.