Democratic presidential candidate and former Vice President Joe Biden this week released several years of income tax returns, probably hoping the story would be that he did so and President Trump has not.
It is not tax evasion, but it most certainly is a tax strategy - and if one takes Biden's history on the matter seriously, it's a tax strategy he thinks is a loophole.
He's now scrambling to limit the damage, but Joe Biden has been called out for running on a blanket repeal of the Trump tax cuts, and has done so at least ten times.
That means raising tax rates across the board for all taxpayers, cutting the child tax credit and standard deduction in half, forcing 5 million families back into the alternative minimum tax, raising taxes on family-owned businesses, and once again having one of the highest corporate income tax rates in the world.
Biden has called for most S-corporation profits to be subject to Social Security and Medicare tax.
Biden minimized the profits subject to Social Security and Medicare tax by paying himself a tiny "Reasonable salary." The IRS is well aware that business owners like Biden can use S-corps to avoid paying Social Security and Medicare tax.
In sum, Joe Biden wants to raise all of our taxes and hire a bunch of new IRS agents to audit us, but has no problem using a tax avoidance strategy he himself has called a "Loophole" for "Special interests."
https://www.washingtonexaminer.com/opinion/joe-biden-is-a-tax-loophole-hypocrite
It is not tax evasion, but it most certainly is a tax strategy - and if one takes Biden's history on the matter seriously, it's a tax strategy he thinks is a loophole.
He's now scrambling to limit the damage, but Joe Biden has been called out for running on a blanket repeal of the Trump tax cuts, and has done so at least ten times.
That means raising tax rates across the board for all taxpayers, cutting the child tax credit and standard deduction in half, forcing 5 million families back into the alternative minimum tax, raising taxes on family-owned businesses, and once again having one of the highest corporate income tax rates in the world.
Biden has called for most S-corporation profits to be subject to Social Security and Medicare tax.
Biden minimized the profits subject to Social Security and Medicare tax by paying himself a tiny "Reasonable salary." The IRS is well aware that business owners like Biden can use S-corps to avoid paying Social Security and Medicare tax.
In sum, Joe Biden wants to raise all of our taxes and hire a bunch of new IRS agents to audit us, but has no problem using a tax avoidance strategy he himself has called a "Loophole" for "Special interests."
https://www.washingtonexaminer.com/opinion/joe-biden-is-a-tax-loophole-hypocrite
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