Joe Biden's tax returns—there's no reason Democrats need to overpay their taxes
Democratic presidential candidate Joe Biden used a tax loophole that the Obama administration tried and failed to close, substantially lowering his tax bill.
Democratic presidential candidate and former vice president Joe Biden arrives to speak with reporters outside a restaurant, Sunday, July 7, 2019, in Charleston, S.C. I don't know about you but Rubin seems to me to be implying that Biden did a bad thing or a less than good thing. For me it triggers what was kind of the anthem of my generation of tax planners. It is the words of Learned Hand from his sinister in so arranging one's affairs as to keep taxes as low as possible.
The"loophole" is running speaking fees and royalties through an S Corporation and taking a salary that while substantial is low relative to the profits. The Bidens’ S corporations—CelticCapri Corp. and Giacoppa Corp.—reported more than $13 million in combined profits in 2017 and 2018 that weren’t subject to the self-employment tax, while those companies paid them less than $800,000 in salary.
If the entire amount were considered compensation, the Bidens could owe about $500,000. An IRS inquiry might reach a conclusion somewhat short of that.having income recharacterized because of low S corporation salaries, but I do not think that there are any such cases where the taxpayers were taking six-figure salaries. The reason for this is probably that there are a lot of C corporation cases where taxpayers are hit for taking salaries that are too high.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden made almost $16 million in two years after leaving White House, tax returns showThe former vice president, who is leading in the presidential polls, released financial information about his and his wife's sources of income.
Read more »
Joe Biden's income spiked to $11 million after leaving office, tax returns showJoe Biden’s income jumped from less than $400,000 a year while he was vice president to more than $11 million in the year after he left office, tax returns show.
Read more »