Joe and his wife Jill Biden funneled millions in income through a pair of S corporations they set up in Delaware as a way to circumnavigate paying Social Security and Medicare taxes, according to an August opinion article in The Wall Street Journal.
The other 94 percent of the money passed through the corporations as a direct distribution to the Bidens, preventing it from being subject to the 15.3 percent combined Social Security and Medicare tax rate, according to CNBC. The Internal Revenue Service requires S corps to pay "Reasonable compensation" to employee shareholders before making non-wage distributions to them.
93%. 7%. Most if not all the compensation the couple received from the S corps should have been in the form of income, subject to employment taxes.
The Biden campaign was quick to grab on to a New York Times story claiming Trump paid only $750 in personal income taxes the year he won the presidency in 2016 with an attack ad. "In response to the Times story, the president tweeted Monday morning,"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," he added.
The president's son further suggested that while his father's federal income tax due may be low any given year, he still had to pay property taxes and payroll taxes among others.
Of far greater service to the public would be reporting on the tax avoidance schemes of the Bidens and the shady dealings of their son Hunter.
https://www.westernjournal.com/bidens-used-s-corps-avoid-paying-hundreds-thousands-payroll-taxes/
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