Biden called out about using S Corporations to pay less taxes!

[Blues Man]

2017-18, do you never watch the news, it has been on for days, they did it to shield as much of that 13 million as possible

There is no way anyone owes 800 K in FICA taxes for 2 year's worth of income

Don't you know anything about taxes?

 

[Hang on Sloopy]

My God. I was an S Corp for some time before becoming a C Corp

You libturds don't have a GD clue what you are talking about. Stick to making widgets

 

[Blues Man]

My God. I was an S Corp for some time before becoming a C Corp

You libturds don't have a GD clue what you are talking about. Stick to making widgets

There is no benefit for a small business organizing as a C corp

 

[Hang on Sloopy]

There is no benefit for a small business organizing as a C corp

When you get to medium size and expand things changed. That is why we have 2 accountants. Anything left on Dec 15 goes to expansion and not taxes

All I know is I've been a tax paying machine raped for decades to keep libturds to sustain life.

Now I and my peers have a lot of Hatians to deal with draining our funds

 

[Ordinary Guy]

There is no way anyone owes 800 K in FICA taxes for 2 year's worth of income

Don't you know anything about taxes?

very little but it was 13 million in income, 28% would be over 3.6 million in total taxes

 

[Blues Man]

very little but it was 13 million in income, 28% would be over 3.6 million in total taxes

This shows that you don't understand taxes.

The 13 million was taxed as profit and reported on the form K 1 otherwise no one would have known he made 13 million. The issue is that Biden didn't pay himself a reasonable salary as defined by the IRS in regards to S corps.

Nowhere have I heard he didn't pay income tax but only FICA taxes. So if we are talking about 2 years worth of income here as you said before even if Biden took a salary of 1 million a year he would only owe 21450 per year for his contribution and the S corp would owe the matching funds

So at the most Biden owes for 2 years 42900 and the S corp owes 42900

That's a pretty far cry from 800000

 

[Independentthinker]

Multimillionaire’ Biden’s use of ‘S corporations’ draws scrutiny by Republican who sees hypocrisy

Rep. Jim Banks, the chair of the Republican Study Committee, lashed out at Biden for calling on the country’s richest to pay their 'fair share' after S corp revelation

It is not uncommon for wealthy individuals and politicians to try and preserve their income by using what some call tax loopholes, but Republicans have called out what they see as hypocrisy from the president who came out in support of proposals to tax billionaires. On Friday, the president told reporters, "I just think it’s about just paying your fair share, for Lord’s sake."

Rep. Jim Banks, the chair of the Republican Study Committee, lashed out at Biden for calling on the country’s richest to pay their "fair share" to help finance his $2.1 trillion infrastructure plan.

He said in 2017, "multi-millionaire Joe Biden skirted his payroll taxes—the very taxes that fund Medicare and Obamacare. According to the criteria CRS provided to my office, he owes the IRS and the American people hundreds of thousands of dollars in back taxes. Every American should know about Joe Biden’s hypocrisy."

Banks said the report indicated that Biden improperly used "S corporations" while he and his wife raked in over $13 million on speaking fees and book sales in 2017 and 2018, but counted less than $800,000 of it as a salary that could be taxed for Medicare.

The CRS report may be new, but the Wall Street Journal reported on Biden’s use of the "tax-code loophole [President] Obama tried to plug."

https://www.foxbusiness.com/politics...L%2C%20ADAMANT

The hypocrisy of the left knows no bounds. And, oh the irony of how badly they wanted to see Trump's tax returns when, in reality, Biden owes about a half million to the IRS.

 

[Ordinary Guy]

This shows that you don't understand taxes.

The 13 million was taxed as profit and reported on the form K 1 otherwise no one would have known he made 13 million. The issue is that Biden didn't pay himself a reasonable salary as defined by the IRS in regards to S corps.

Nowhere have I heard he didn't pay income tax but only FICA taxes. So if we are talking about 2 years worth of income here as you said before even if Biden took a salary of 1 million a year he would only owe 21450 per year for his contribution and the S corp would owe the matching funds

So at the most Biden owes for 2 years 42900 and the S corp owes 42900

That's a pretty far cry from 800000

dude they took 13 million in 17 -18

 

[Blues Man]

dude they took 13 million in 17 -18

Dude only the first 143000 of salary in any year is subject to FICA taxes. The article on the OP only mentions that they didn't pay FICA taxes.

You need to educate yourself on S corps and payroll taxes.

The 13 million was reported on his tax returns on the Form K 1 so he paid ordinary income tax on that.

What he didn't do was pay himself a reasonable salary from his S corp which the IRS requires.

Even if he actually drew a salary of 6.5 million a year only the first 143000 is subject to FICA taxes that would be 21450 and the S corp would have to match that.

So for the 2 years you are talking about the FICA taxes due would be 42900 taken from the salary and the 42900 match from the S corp.

 

[Ordinary Guy]

Dude only the first 143000 of salary in any year is subject to FICA taxes. The article on the OP only mentions that they didn't pay FICA taxes.

You need to educate yourself on S corps and payroll taxes.

The 13 million was reported on his tax returns on the Form K 1 so he paid ordinary income tax on that.

What he didn't do was pay himself a reasonable salary from his S corp which the IRS requires.

Even if he actually drew a salary of 6.5 million a year only the first 143000 is subject to FICA taxes that would be 21450 and the S corp would have to match that.

So for the 2 years you are talking about the FICA taxes due would be 42900 taken from the salary and the 42900 match from the S corp.

you are right, I misread it, they misused the SCorp claiming only 800,000 of 13 million as salary

Banks said the report indicated that Biden improperly used "S corporations" while he and his wife raked in over $13 million on speaking fees and book sales in 2017 and 2018, but counted less than $800,000 of it as a salary that could be taxed for Medicare.

 

[Blues Man]

you are right, I misread it, they misused the SCorp claiming only 800,000 of 13 million as salary

Banks said the report indicated that Biden improperly used "S corporations" while he and his wife raked in over $13 million on speaking fees and book sales in 2017 and 2018, but counted less than $800,000 of it as a salary that could be taxed for Medicare.

But even that 800K maxed out their FICA contributions tax so in reality there is no real tax evasion here at all.

 

[Ordinary Guy]

But even that 800K maxed out their FICA contributions tax so in reality there is no real tax evasion here at all.

yet he calls out others for doing the exact same thing which is hypocrisy

 

[Blues Man]

yet he calls out others for doing the exact same thing which is hypocrisy

Not the issue here.

He paid all the FICA taxes that he had to.

if he had a 400K salary there was no FICA tax evasion because only the first 143000 annually is subject to FICA taxes.

 

[Ordinary Guy]

Not the issue here.

He paid all the FICA taxes that he had to.

if he had a 400K salary there was no FICA tax evasion because only the first 143000 annually is subject to FICA taxes.

that was the point of the post, he and the democrats call out people for doing the same thing they themselves do

 

[Blues Man]

that was the point of the post, he and the democrats call out people for doing the same thing they themselves do

But he didn't dodge any taxes. He would not have paid any more FICA taxes even if he paid himself a higher salary

This is you believing Fox news and doing no due diligence.

 

[Ordinary Guy]

But he didn't dodge any taxes. He would not have paid any more FICA taxes even if he paid himself a higher salary

This is you believing Fox news and doing no due diligence.

no this is you defending a lying piece of shit, don't do as I do, do as I say. Wanting to know about every $600 transaction is asinine

 

[Blues Man]

no this is you defending a lying piece of shit, don't do as I do, do as I say. Wanting to know about every $600 transaction is asinine

You obviously haven't read any of my posts regarding Biden.

I am giving you the actual facts about the actual tax laws as they pertain to S corps and the actual facts about FICA taxes.

And the FACT is that Biden did not dodge any tax payments.

He claimed 400 K a year FICA taxes are capped at 143 K a year anything over 143 K a year is not subject to FICA taxes.

So he paid the max FICA tax as defined by the tax code and the S corp matched it

All the rest of the 13 million was reported as income on his personal tax returns via the Form K 1

Your entire argument that he somehow dodged taxes is 100% incorrect.

 

[Ordinary Guy]

You obviously haven't read any of my posts regarding Biden.

I am giving you the actual facts about the actual tax laws as they pertain to S corps and the actual facts about FICA taxes.

And the FACT is that Biden did not dodge any tax payments.

He claimed 400 K a year FICA taxes are capped at 143 K a year anything over 143 K a year is not subject to FICA taxes.

So he paid the max FICA tax as defined by the tax code and the S corp matched it

All the rest of the 13 million was reported as income on his personal tax returns via the Form K 1

Your entire argument that he somehow dodged taxes is 100% incorrect.

if that were true, he would not have used multiple S corps, it wasn't just one, you know that right?

 

[Blues Man]

if that were true, he would not have used multiple S corps, it wasn't just one, you know that right?

It doesn't matter.

When I was in business I had an S corp and 2 LLCs and I have the tax documents for all 3 for the last 10 years. I was not dodging taxes and everything was 100% above board.

All that matters is what's reported on the tax returns and And your assertion that he dodged taxes is flat out wrong. Just admit it.

 

[Ordinary Guy]

It doesn't matter.

When I was in business I had an S corp and 2 LLCs and I have the tax documents for all 3 for the last 10 years. I was not dodging taxes and everything was 100% above board.

All that matters is what's reported on the tax returns and And your assertion that he dodged taxes is flat out wrong. Just admit it.

if there was no advantage, there would be no reason to do it, since the article states multiple S corps, one has to make the assumption there would just be one and not multiple. No one goes through a bunch of documents without and advantage bucky