September 29, 2020
Biden avoided paying taxes and possibly broke a few laws in the meantime.
Western Journalism dishes:
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.
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.
Of the nearly $13.3 million the couple took in primarily through speaking fees and book royalties during the 2017 and 2018 tax years, they claimed just $750,000 in income.
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 compensationâ€ to employee shareholders before making non-wage distributions to them.As is always the case, the Democrats are busily accusing their opponents of that which they are themselves guilty.
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