The Bidens Used S Corps To Avoid Paying Hundreds of Thousands in Payroll Taxes
While the Joe Biden campaign was quick to leap on a New York Times story that President Donald Trump paid a small amount in personal income taxes in recent years, it is clearly a case of the pot calling the kettle black.
https://www.westernjournal.com/bidens-us...bhYUm_3FPs
Payroll taxes? Who in the hell does Joe Biden employ?
He avoided the taxes for his wife and himself....... Under reporting what they earned for those years
If you operate an S Corp you are supposed to pay yourself a salary and also take profits.
Your salary gets the full ordinary income tax plus both sides of payroll taxes.
Your profit gets income tax capped at 25% and no payroll tax.
The rule of thumb is you'll avoid the auditor so long as you keep the two roughly equal, up until your salary would be one of the top ones in the community for the type of work you do. At that point you can cap your salary and declare the rest of your earnings as profit.
I'd prefer a system that treats all income the same, but this is the system we've got.
This is not much of a story. People incorporate for all sorts of reasons, such as shielding themselves from lawsuits. There are millions of corporations in the United States. The S-corporation is the most popular form of corporation for the small business, because it is a pass-through corporation which only gets taxed once. A C-corporation subjects the owner to double taxation, at the corporate level and at the personal level. All the income of the S-corporation would have passed through to Biden and would have been taxed at the personal level.
The law says you have to pay yourself a reasonable salary, so you're not just using the corporation to avoid payroll taxes. Social Security taxes are capped anyway at about $132,000. So as long as he paid himself a salary of at least that amount, he didn't avoid any social security tax. He might have avoided a little Medicare tax, but that's about it.
Biden publishes his tax returns, so there is no secret about anything he is doing, tax-wise.
Is anyone going to ask how Joe Biden, the man who self-admittedly has been in politics for almost 50 years, makes enough money to pay $3.7 million in taxes or are those kind of questions only for Trump?
(09-29-2020, 10:15 AM)flsprtsgod Wrote: [ -> ]Is anyone going to ask how Joe Biden, the man who self-admittedly has been in politics for almost 50 years, makes enough money to pay $3.7 million in taxes or are those kind of questions only for Trump?
Seriously, either he has a stupid accountant or he has a ton of money coming in that he can't move out of personal income.
(09-29-2020, 10:15 AM)flsprtsgod Wrote: [ -> ]Is anyone going to ask how Joe Biden, the man who self-admittedly has been in politics for almost 50 years, makes enough money to pay $3.7 million in taxes or are those kind of questions only for Trump?
There's no need to ask him, because he has published his tax returns. It's public knowledge.
(09-29-2020, 11:21 AM)The Real Marty Wrote: [ -> ] (09-29-2020, 10:15 AM)flsprtsgod Wrote: [ -> ]Is anyone going to ask how Joe Biden, the man who self-admittedly has been in politics for almost 50 years, makes enough money to pay $3.7 million in taxes or are those kind of questions only for Trump?
There's no need to ask him, because he has published his tax returns. It's public knowledge.
And what did those returns tell you?
(09-29-2020, 11:41 AM)flsprtsgod Wrote: [ -> ] (09-29-2020, 11:21 AM)The Real Marty Wrote: [ -> ]There's no need to ask him, because he has published his tax returns. It's public knowledge.
And what did those returns tell you?
Speaking engagements and a book deal. Look, if you're curious about how Joe Biden made money the last few years, it's not hard to look up. You don't need to ask me.
Lol Trump pays “x” amount it’s a story. Biden pays “x” non story. Not surprised in the least. Hopefully one day we’ll get a cure for stupid. Until then, we’ll keep having Democrats.
(09-29-2020, 07:08 PM)Jags Wrote: [ -> ]Lol Trump pays “x” amount it’s a story. Biden pays “x” non story. Not surprised in the least. Hopefully one day we’ll get a cure for stupid. Until then, we’ll keep having Democrats.
Trump pays "x" amount and it's a story for two reasons: 1) because Trump has been hiding his tax returns, and 2) because of the extremely small amount that Trump, a self-described billionaire, actually paid. Eleven years of zero is notable. Two years at $750 is also pretty interesting.
Biden pays "x" and it's a non-story because 1) Biden isn't hiding his tax returns, and 2) because Biden appears to have paid a reasonable percentage.
(09-30-2020, 08:12 AM)The Real Marty Wrote: [ -> ] (09-29-2020, 07:08 PM)Jags Wrote: [ -> ]Lol Trump pays “x” amount it’s a story. Biden pays “x” non story. Not surprised in the least. Hopefully one day we’ll get a cure for stupid. Until then, we’ll keep having Democrats.
Trump pays "x" amount and it's a story for two reasons: 1) because Trump has been hiding his tax returns, and 2) because of the extremely small amount that Trump, a self-described billionaire, actually paid. Eleven years of zero is notable. Two years at $750 is also pretty interesting.
Biden pays "x" and it's a non-story because 1) Biden isn't hiding his tax returns, and 2) because Biden appears to have paid a reasonable percentage.
What's a reasonable percentage to you?
When you do your taxes, do you try to pay the reasonable percentage or do you try to pay as close to zero as possible?
(09-30-2020, 03:50 PM)JagNGeorgia Wrote: [ -> ] (09-30-2020, 08:12 AM)The Real Marty Wrote: [ -> ]Trump pays "x" amount and it's a story for two reasons: 1) because Trump has been hiding his tax returns, and 2) because of the extremely small amount that Trump, a self-described billionaire, actually paid. Eleven years of zero is notable. Two years at $750 is also pretty interesting.
Biden pays "x" and it's a non-story because 1) Biden isn't hiding his tax returns, and 2) because Biden appears to have paid a reasonable percentage.
What's a reasonable percentage to you?
When you do your taxes, do you try to pay the reasonable percentage or do you try to pay as close to zero as possible?
Maybe a better word than "reasonable" would be "typical." I think anywhere between 25% and 38% is typical for most high earners, although one can incur even higher percentages due to the Obamacare surtax on investment income. I'm just talking about federal income tax.
In Biden's case, if he earned about $15 million on his book deal and speaking fees, and if he paid about $3.7 million in income tax, that would be about 25%, which I would consider a pretty typical rate. I haven't seen his tax return, I've just read articles about it, so I don't know the details.
In answer to your question, of course I would like to get as close to zero as possible. Trouble is, unlike Mr. Trump, I make money. I don't lose money. So I'm not deducting losses like he is. That's one of the interesting things about his taxes- he loses loads of money on most of his businesses, especially all the golf courses he owns. He made a lot of money on the Apprentice, and that made up for some of his losses on the other businesses, but apparently, he loses enough money that he doesn't wind up with much taxable income. His "fortune" seems to be a house of cards, and maybe an illusion.
If you're making money, it is really really hard to avoid paying taxes. The idea that "the rich" can avoid paying taxes is a complete myth. The top 1% pay almost 40% of all income taxes. If your are rich, you pay taxes. That's all there is to it. That's one thing that makes Trump's tax bill really unusual for a guy who claims to be rich. If he's as rich as he claims to be, why is his tax bill so incredibly, consistently miniscule?
(09-30-2020, 04:29 PM)The Real Marty Wrote: [ -> ] (09-30-2020, 03:50 PM)JagNGeorgia Wrote: [ -> ]What's a reasonable percentage to you?
When you do your taxes, do you try to pay the reasonable percentage or do you try to pay as close to zero as possible?
Maybe a better word than "reasonable" would be "typical." I think anywhere between 25% and 38% is typical for most high earners, although one can incur even higher percentages due to the Obamacare surtax on investment income. I'm just talking about federal income tax.
In Biden's case, if he earned about $15 million on his book deal and speaking fees, and if he paid about $3.7 million in income tax, that would be about 25%, which I would consider a pretty typical rate. I haven't seen his tax return, I've just read articles about it, so I don't know the details.
In answer to your question, of course I would like to get as close to zero as possible. Trouble is, unlike Mr. Trump, I make money. I don't lose money. So I'm not deducting losses like he is. That's one of the interesting things about his taxes- he loses loads of money on most of his businesses, especially all the golf courses he owns. He made a lot of money on the Apprentice, and that made up for some of his losses on the other businesses, but apparently, he loses enough money that he doesn't wind up with much taxable income. His "fortune" seems to be a house of cards, and maybe an illusion.
If you're making money, it is really really hard to avoid paying taxes. The idea that "the rich" can avoid paying taxes is a complete myth. The top 1% pay almost 40% of all income taxes. If your are rich, you pay taxes. That's all there is to it. That's one thing that makes Trump's tax bill really unusual for a guy who claims to be rich. If he's as rich as he claims to be, why is his tax bill so incredibly, consistently miniscule?
Why are you and other leftists like you so obsessed with President Trump's taxes? How exactly does his personal finances affect you or anyone else?
(09-30-2020, 04:53 PM)jagibelieve Wrote: [ -> ] (09-30-2020, 04:29 PM)The Real Marty Wrote: [ -> ]Maybe a better word than "reasonable" would be "typical." I think anywhere between 25% and 38% is typical for most high earners, although one can incur even higher percentages due to the Obamacare surtax on investment income. I'm just talking about federal income tax.
In Biden's case, if he earned about $15 million on his book deal and speaking fees, and if he paid about $3.7 million in income tax, that would be about 25%, which I would consider a pretty typical rate. I haven't seen his tax return, I've just read articles about it, so I don't know the details.
In answer to your question, of course I would like to get as close to zero as possible. Trouble is, unlike Mr. Trump, I make money. I don't lose money. So I'm not deducting losses like he is. That's one of the interesting things about his taxes- he loses loads of money on most of his businesses, especially all the golf courses he owns. He made a lot of money on the Apprentice, and that made up for some of his losses on the other businesses, but apparently, he loses enough money that he doesn't wind up with much taxable income. His "fortune" seems to be a house of cards, and maybe an illusion.
If you're making money, it is really really hard to avoid paying taxes. The idea that "the rich" can avoid paying taxes is a complete myth. The top 1% pay almost 40% of all income taxes. If your are rich, you pay taxes. That's all there is to it. That's one thing that makes Trump's tax bill really unusual for a guy who claims to be rich. If he's as rich as he claims to be, why is his tax bill so incredibly, consistently miniscule?
Why are you and other leftists like you so obsessed with President Trump's taxes? How exactly does his personal finances affect you or anyone else?
I don't think "obsessed" is the right word for it. "Interested" is what I am. I have spent a lifetime in business and finance, and this stuff interests me.
By the way, I am not a leftist.
And how do his personal finances affect me? Well for one thing, if the President owes someone $300 million, which is going to come due during his second term, and he won't tell us who it is, how do we know his decisions are not affected by that?
The other interesting thing is, is he who he says he is? Is he really this hugely successful billionaire, or is it all an illusion?
And there are a lot of other interesting questions.
(09-30-2020, 05:02 PM)The Real Marty Wrote: [ -> ] (09-30-2020, 04:53 PM)jagibelieve Wrote: [ -> ]Why are you and other leftists like you so obsessed with President Trump's taxes? How exactly does his personal finances affect you or anyone else?
I don't think "obsessed" is the right word for it. "Interested" is what I am. I have spent a lifetime in business and finance, and this stuff interests me.
By the way, I am not a leftist.
And how do his personal finances affect me? Well for one thing, if the President owes someone $300 million, which is going to come due during his second term, and he won't tell us who it is, how do we know his decisions are not affected by that?
The other interesting thing is, is he who he says he is? Is he really this hugely successful billionaire, or is it all an illusion?
And there are a lot of other interesting questions.
Meh... I couldn't care less about his personal finances. Is he "really" a billionaire? millionaire? I really don't care.
As far as personal finances or anything like that affecting the decisions that he makes as President, I'll just look back at his record over the last 3 1/2 years. Being tough with China getting out of the NAFTA disaster by signing the USMCA, getting out of the Paris Agreement and so forth are more important to me when it comes to economics. Those things are good for us as a whole.
The economy was on fire, unemployment was sinking and things were going well before the China virus hit.
(09-30-2020, 05:26 PM)jagibelieve Wrote: [ -> ] (09-30-2020, 05:02 PM)The Real Marty Wrote: [ -> ]I don't think "obsessed" is the right word for it. "Interested" is what I am. I have spent a lifetime in business and finance, and this stuff interests me.
By the way, I am not a leftist.
And how do his personal finances affect me? Well for one thing, if the President owes someone $300 million, which is going to come due during his second term, and he won't tell us who it is, how do we know his decisions are not affected by that?
The other interesting thing is, is he who he says he is? Is he really this hugely successful billionaire, or is it all an illusion?
And there are a lot of other interesting questions.
Meh... I couldn't care less about his personal finances. Is he "really" a billionaire? millionaire? I really don't care.
As far as personal finances or anything like that affecting the decisions that he makes as President, I'll just look back at his record over the last 3 1/2 years. Being tough with China getting out of the NAFTA disaster by signing the USMCA, getting out of the Paris Agreement and so forth are more important to me when it comes to economics. Those things are good for us as a whole.
The economy was on fire, unemployment was sinking and things were going well before the China virus hit.
But let me ask you this: after Trump sold out the Kurds in Syria, pulled out US forces and left them on their own and let the Turks attack them, just turned his back on the whole situation, if you found out that Trump owed $300 million to a Turkish bank controlled by relatives of Erdogan, how would that make you feel?
Do you really not care who Trump owes that money to? Do you understand why it's important for us to know who the President of the United States owes a large amount of money to?
Even if it's Bank of America that he owes the money to, if he signed an executive order that Bank of America had been pushing for, and didn't disclose that he owed Bank of America $300 million, and he was negotiating a deal to refinance it, would you care about that?
He needs to disclose it. That's all. Real easy. Just tell us who he owes the money to, and that's the end of it.
(09-30-2020, 05:42 PM)IThe Real Marty Wrote: [ -> ] (09-30-2020, 05:26 PM)jagibelieve Wrote: [ -> ]Meh... I couldn't care less about his personal finances. Is he "really" a billionaire? millionaire? I really don't care.
As far as personal finances or anything like that affecting the decisions that he makes as President, I'll just look back at his record over the last 3 1/2 years. Being tough with China getting out of the NAFTA disaster by signing the USMCA, getting out of the Paris Agreement and so forth are more important to me when it comes to economics. Those things are good for us as a whole.
The economy was on fire, unemployment was sinking and things were going well before the China virus hit.
But let me ask you this: after Trump sold out the Kurds in Syria, pulled out US forces and left them on their own and let the Turks attack them, just turned his back on the whole situation, if you found out that Trump owed $300 million to a Turkish bank controlled by relatives of Erdogan, how would that make you feel?
Do you really not care who Trump owes that money to? Do you understand why it's important for us to know who the President of the United States owes a large amount of money to?
Even if it's Bank of America that he owes the money to, if he signed an executive order that Bank of America had been pushing for, and didn't disclose that he owed Bank of America $300 million, and he was negotiating a deal to refinance it, would you care about that?
He needs to disclose it. That's all. Real easy. Just tell us who he owes the money to, and that's the end of it.
Well Marty, does trump owe 300m to the Turkish bank?
He could, so I guess we all should be leery.
You know... when I put my “Democrat hat” on it all makes sense. Trump owes the First Bank of Antarctica 300m. He didn’t pay so they withheld their cold air. Thus climate change. Russia is pissed because they want their cold air, so Trump makes a deal with them. So, between that and Trump being Satan himself, that explains the climate change and collusion stuff.