BIden exploits loophole in IRS code to dodge $500K in taxes


 

The Biden’s have been strangely silent on Trump’s tax returns. Let us hope Trump will use this as a response to what will surely arise tonight in the debate. After all is there any doubt this was a setup for this item to hit the news a couple of days prior to the debate?

I really have come to hate politics and the absurdity of it. No focus or reporting on that which effects our lives and will in the future depending who wins the next election.Maybe lunch bucket Joe could have Hunter shed some light on his tax filings. Bet no one will be interested in leaking that one. So let’s have a go at this one:

 

Yes you do Joe

Since the left is now in histrionics over President Trump’s perfectly legal use of the US tax code to avoid paying taxes for 10 out of the last 15 years, perhaps they’ll give as much attention to Joe Biden – who used another perfectly legal tax ‘loophole’ to avoid approximately $500,000 in payroll taxes on $15 million in income.

“The Bidens have used their home state’s financial privacy laws to shield his income from public view, by setting up two tax- and transparency-avoidance vehicles known as S corporations,” wrote Grimm. “He and his wife Jill Biden called them CelticCapri Corp. and Giacoppa Corp., respectively, and, according to the Wall Street Journal, have reported more than $13 million in profits the previous two years that weren’t subject to specific disclosure or self-employment taxes.

As CNBC has described, money Biden made from book deals and speeches flowed into the S corporations and was then remitted to Biden and his wife as ‘distributions’ rather than salary. When money is funneled through an S corporation, the recipient doesn’t owe Social Security or Medicare taxes on it, nor can the source of revenue be traced. (In addition to the distributions, the Bidens drew relatively small salaries from the S Corporations: under half a million dollars, for which they owed self-employment taxes.)”

More at Zero Hedge

Just for the record:

Other than that, all is well in the swamp.

17 Responses to “BIden exploits loophole in IRS code to dodge $500K in taxes”

  1. Steve Dennis Says:

    No doubt this was a setup just a couple of days before the debate. They know Joe needs help and this will allow them to hit him on his taxes. Hopefully Trump will be able to come back at him for his own tax dodging but of course it will be two against one out there.

    Liked by 1 person

  2. peter3nj Says:

    Kudo’s to Mulatto Man and Moose or waiting till they stepped out of the White House before becoming an instant millionaires and multiple properties owners. Surely he paid taxes on all those millions left under his pillow by more than one tooth fairy…right?

    Liked by 3 people

  3. Adrienne Says:

    All true. We were an S corp for close to 30 years. As fast as the money hit the business account I transferred it to the home account. One day hubby said (in a whiney voice), “Do you think maybe you could leave it there for a day or two so I can feel like I made some money” I looked at him and very haughtily said, “Do you realize what an S corp is? It’s called a “pass through” corp, so I’m just making sure the money passes through.” Bwwwwwwaaaaaaaahaaaaaaaaaaa He never asked again. Quick learner, my hubby!

    Liked by 3 people

  4. Mustang Says:

    Hmmm. I’m now wondering if this is the very same Dopey Joe who, a few years back, during an interview with Katie Couric, told her that it’s a patriotic thing to pay taxes. Joe’s statement highlights one of the reasons I have so little respect for politicians (generally), and Democratic politicians specifically. There are two rules that demand our attention: one set of rules for Democratic politicians, and another set for everyone else. If we assume that the story about Biden’s “S” corporations is true, using his own test for determining patriotism, Joe is not an American patriot. Why would any American who loves his or her country vote for an unpatriotic slouch like Joe Biden? Or … maybe I’m missing something here. Oh, wait—I know. We’re missing integrity. But we are talking about Democrats … so.

    Liked by 3 people

    • markone1blog Says:

      Of course, that was the same idiot who said it was patriotic to wear a mask (which, by many studies has been proven to be ineffective as a deterrent and counterproductive as a breeding ground for viruses and germs).

      Liked by 3 people

    • Mustang Says:

      No matter what politicians say when they’re talking, all I hear is, “Once upon a time …” The kind assessment would be, “Oh, they’re just telling us fairy tales.” The colloquial expression would be, “That’s just a bunch of bull sh*t.”

      Liked by 2 people

      • bunkerville Says:

        There is a very good thread about it that appears in weasel zippers today. Included apparently were many whose taxes were exposed beyond Trump. Did we really think the IRS has any moral compass?

        Liked by 1 person

  5. Linda Says:

    All is well in the swamp, right? sigh

    Liked by 2 people

  6. markone1blog Says:

    Dig a little further and it seems that President Trump provided an interest free loan to the Federal government by sending $1M when his INCOME tax liability was $750 and by also sending $4.2M in 2017.

    Liked by 1 person


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