Biden does Not Like Tax, Either By Chris Knight

     Who likes the taxation department? Why even back in Jesus’ day the tax collectors were hated. So, if Trump moved to minimise his tax, so what? Libertarians argue that taxation is just thief anyway, and most of out taxes are spend on programs to destroy our race and nation, in one way or other. Oh, old socialist Joe Biden does not like tax either:

“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. Of course, they ignored it in July when the Wall Street Journal reported that Joe and Jill Biden took advantage of the "S corporation" payroll tax loophole that the Obama-Biden administration unsuccessfully attempted to close. According to the report, the Bidens routed income from book sales and speeches through S corporations - avoiding the 3.8% self-employment tax they would have paid if they had been compensated directly, and avoiding as much as $500,000 in taxes. "There’s no reason for these to be in an S corp—none, other than to save on self-employment tax," accountant Tony Nitti told the WSJ at the time. And as the Journal's Chris Jacobs wrote last month, "According to the Urban Institute, a couple featuring one high earner and one average earner, retiring this year, will have paid a total of $209,000 in Medicare taxes during their working lives." "The Bidens avoided paying nearly twice that much in Medicare taxes during two years." Meanwhile, the Las Vegas Review-Journal suggests Biden is a hypocrite - as the former Vice President has been an outspoken opponent of such loopholes since Ronald Reagan was in office. Per current tax law, S-corporation owners can legally avoid paying the 3.8 percent self-employment tax on their profits as long as they pay themselves “reasonable compensation” that is subject to regular payroll taxes. The IRS definition of “reasonable compensation” is a tad fuzzy, however, which led to the Bidens reporting less than $800,000 salary on their reported $13 million in combined profits. -Las Vegas Review-Journal”

     Trump could have launched a full-on attack upon Biden and the tax system, but, no that is what the entire thing is about, so he is not likely to expose the magic trick of the entire house of financial mirrors, which he is part of too.



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Tuesday, 16 July 2024

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