Thu Jul 11, 2019, 12:18 PM

Joe Biden Used Tax-Code Loophole Obama Tried to Plug

"Mr. Biden and his wife, Dr. Jill Biden, routed their book and speech income through S corporations, according to tax returns the couple released this week. They paid income taxes on those profits, but the strategy let the couple avoid the 3.8% self-employment tax they would have paid had they been compensated directly instead of through the S corporations.

The tax savings were as much as $500,000, compared to what the Bidens would have owed if paid directly or if the Obama proposal had become law.

“There’s no reason for these to be in an S corp—none, other than to save on self-employment tax,” said Tony Nitti, an accountant at RubinBrown LLP who reviewed the returns."

Far cry for Biden 2008: Noting that wealthier Americans would indeed pay more, Biden said: "It's time to be patriotic ... time to jump in, time to be part of the deal, time to help get America out of the rut."

Hmmm...can we question his Patriotism now?

Behind a paywall.....

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Reply Joe Biden Used Tax-Code Loophole Obama Tried to Plug (Original post)
Steelydamned Jul 2019 OP
foia Jul 2019 #1

Response to Steelydamned (Original post)

Thu Jul 11, 2019, 08:27 PM

1. It's only patriotic when other people pay higher taxes.

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