Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax

[rickymouse]

The loopholes are there for all businesses.  Just because Biden is a Democrat doesn't mean he can't use them.  Same with Trump, he can use those tax breaks for corporations...loopholes.  Even small businesses use these loopholes or tax breaks and it helps small businesses make it.

The Democrats should not attack these things, lots of Democrat corporations and small businesses use these loopholes to make it so they can grow.  The Democrats are blind sometimes.  I was a business owner, I sheltered my income by business investments or I could not have afforded to grow and support my workers and their families.  I felt an obligation to my workers to keep them earning a living, many businesses do the same thing.  I sometimes made less in a year than my workers made and I worked one and a half as many hours as they did.  But I did acquire lots of tools and a building, it deferred my tax load to times when I had less income.  I used income averaging sometimes. 

The Democrats are not smart, they criticize Trump for tax breaks they use in Democrat owned businesses in their own town.  Biden used a tax break that is available to others, Trump used tax breaks too, most business owners use them.

This is SO true. There are many ways to avoid paying too much taxation that are completely allowable. 

The first three years I had my business, I made hardly nothing.  It cost me just as much as I made even with the deductions I could claim for buying tools, I was able to claim a loss two out of those three years.  I didn't make much profits for about five years, and never really got rich off of my company.  I could have gone work at the mine or for some bigger company and made more money than I made with my business overall, but I liked being able to choose who I worked for, when you are reasonable and fussy as a builder, you can take jobs working for people that are nice to deal with.  I worked mostly for the low middle class, they could easily afford me, but could not afford the other bigger builders. 

If I was not able to claim a deduction for my expenses and tools, I would never have started a business.