NYT’s Tax Return Story BACKFIRES, Puts Spotlight On Biden’s Tax Dodging & His Plan To Give Himself A Bigger Tax Break
The media and Democrats are consumed over President Trump’s tax returns again however, it appears that former Vice President Joe Biden has been exploiting some tax loopholes himself.
In August the Wall Street Journal’s Chris Jacobs exposed how the Biden family has strutted an “S-Corp” to avoid paying hundreds of thousands of dollars in taxes.
The report was titled, “How the Biden Dodged the Payroll Tax.”
The Wall Journal exposed how the Biden family set up an S-Corporation to avoid paying at least $500 thousand.
“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.”
Matter of fact, Biden’s “tax plan” would help him avoid paying further taxes.
“According to the Urban Institute, a couple featuring one high earner and one average earner, retiring this year, will have paid a total of $209,000 in Medicare taxes during their working lives,” Jacobs wrote. “The Bidens avoided paying nearly twice that much in Medicare taxes during two years. The maximum payroll tax affected by Mr. Trump’s suspension is $1,984—less than 1/250th of the amount the Bidens avoided in 2017-18. The Bidens didn’t avoid any Social Security tax, which applied only to the first $127,200 of income in 2017 and $128,400 in 2018. But they would under Mr. Biden’s tax plan, which would impose the 12.4% Social Security tax on income over $400,000; the same loophole he used in 2017-18 would shield him from his own tax. And how can Mr. Biden claim to protect Medicare and ObamaCare when he avoided more than $500,000 in taxes that fund the two programs? The media have largely ignored the Bidens’ accounting legerdemain, fixating on Mr. Trump’s tax returns instead. But at least the president isn’t looking to raise taxes on everyone else.”
Think about that, as the media is complaining about the President’s tax returns but, Biden would create a greater loophole for himself and raise taxes on others.
Matter of fact, CNBC’s Darla Mercado in 2019 explained how you too can avoid paying taxes like the Biden’s.
“The former vice president and 2020 presidential contender and his wife Jill Biden reported about $10 million in income in 2017 from a pair of S-corporations, CelticCapri and Giacoppa,” Mercado wrote in CNBC. “The two entities were paid for the couple’s book deals and speaking gigs. That mean any amounts the Bidens received as a distribution wasn’t subject to the 15.3% combined Social Security and Medicare tax. Here’s how it works. S-corporations pay their employee shareholders in two ways: wages and distributions. The S-corps reported another $3.2 million in income in 2018.”
In summary, a lot of the income generated by Joe and Jill Biden go through the corporations they established to pay themselves – CelticCapri and Giacoppa – they did not have to pay payroll taxes collected to fund Social Security and Medicare.
Must be nice.