Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax - Printable Version +- Rogue-Nation3 (https://rogue-nation3.com) +-- Forum: Rogue Politics (https://rogue-nation3.com/forum-15.html) +--- Forum: Political News and more (https://rogue-nation3.com/forum-16.html) +--- Thread: Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax (/thread-6495.html) |
Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax - xuenchen - 09-28-2020 Oh boy looks like Joe and Jill have somehow outdone Trump !! Joe and Jill have used an IRS "loophole" to dodge millions in taxes !! No !! How can this be ? Yup they used some kind of "S-Corp" tax dodge !! He must answer now for his own hypocrisy LOL !! Irony = it's payroll taxes on top of everything else LOL Quote: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. RE: Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax - Mystic Wanderer - 09-28-2020 Well, what about that?! The Dems can't seem to do anything that doesn't backfire on them, can they? Anytime they try to degrade our President, it just uncovers more dirt on them. Quote:Donald J. Trump RE: Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax - Mystic Wanderer - 09-28-2020 Quote:The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due. This is a long report, and you have to scroll far down to get to the meat and potatoes. Quote:Once again, his business losses mostly absolved his tax responsibilities. He paid no federal income taxes for 2014. It appears Donald Trump has done nothing illegal regarding his taxes. Read the full report RE: Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax - rickymouse - 09-28-2020 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. RE: Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax - Mystic Wanderer - 09-29-2020 RE: Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax - Ninurta - 09-30-2020 I don't understand the dust-up over Trump's taxes. He doesn't really own anything - remember the bullshit about "conflicts of interest" and "having a billionaire for president" that prompted him to divest his assets into familial corporations before he was even elected? So he has no assets to tax. He gives up his entire salary as president to donations, so he really has no net gain income. What the hell would he be paying taxes ON? 750 bucks seems a lot to be taxing a destitute person, doesn't it? He should be getting refunds, especially if he is filing Baron as a dependent - he should be getting the earned Income Tax Credit for his dependents... . RE: Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax - PLOTUS - 09-30-2020 (09-28-2020, 08:32 PM)rickymouse Wrote: 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.This is SO true. There are many ways to avoid paying too much taxation that are completely allowable. RE: Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax - rickymouse - 09-30-2020 (09-30-2020, 01:54 PM)PLOTUS Wrote:(09-28-2020, 08:32 PM)rickymouse Wrote: 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.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. |