Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax

[xuenchen]

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

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.


LINK-->  Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax

[Mystic Wanderer]

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. 

Donald J. Trump
 

The Fake News Media, just like Election time 2016, is bringing up my Taxes & all sorts of other nonsense with illegally obtained information & only bad intent. I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits. Also, if you look at the extraordinary assets owned by me, which the Fake News hasn’t, I am extremely under leveraged - I have very little debt compared to the value of assets. Much of this information is already on file, but I have long said that I may release Financial Statements, from the time I announced I was going to run for President, showing all properties, assets and debts. It is a very IMPRESSIVE Statement, and also shows that I am the only President on record to give up my yearly $400,000 plus Presidential Salary!

 

Source: Facebook

[Mystic Wanderer]

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.

Once again, his business losses mostly absolved his tax responsibilities. He paid no federal income taxes for 2014.
Mr. Trump was periodically required to pay a parallel income tax called the alternative minimum tax, created as a tripwire to prevent wealthy people from using huge deductions, including business losses, to entirely wipe out their tax liabilities.

Mr. Trump paid alternative minimum tax in seven years between 2000 and 2017 — a total of $24.3 million, excluding refunds he received after filing. For 2015, he paid $641,931, his first payment of any federal income tax since 2010.

As he settled into the Oval Office, his tax bills soon returned to form. His potential taxable income in 2016 and 2017 included $24.8 million in profits from sources related to his celebrity status and $56.4 million for the loans he did not repay. The dreaded alternative minimum tax would let his business losses erase only some of his liability.

Each time, he requested an extension to file his 1040; and each time, he made the required payment to the I.R.S. for income taxes he might owe — $1 million for 2016 and $4.2 million for 2017. But virtually all of that liability was washed away when he eventually filed, and most of the payments were rolled forward to cover potential taxes in future years.

To cancel out the tax bills, Mr. Trump made use of $9.7 million in business investment credits, at least some of which related to his renovation of the Old Post Office hotel, which qualified for a historic-preservation tax break. Although he had more than enough credits to owe no taxes at all, his accountants appear to have carved out an allowance for a small tax liability for both 2016 and 2017.
When they got to line 56, the one for income taxes due, the amount was the same each year: $750.

It appears Donald Trump has done nothing illegal regarding his taxes.

Read the full report

[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.

[Mystic Wanderer]

[Ninurta]

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...

.

[PLOTUS]

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. 

[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.