Joe Biden Started A PAC, Then Paid Himself A Salary From These Donations Through Payments To His S-Corp

[Care4all]

was the $1 million all TAXABLE income?

Did Biden fill out the short form and have no deductions, is a better way to phrase it?

Was it 20% or 25% of his taxable income but 15% of his gross earnings, as example?

 

[Jim H - VA USA]

Supposedly? No, it's legal why do you think Trump did it also?

Might be legal, depending upon the circumstances, but it is apparently illegal to simply launder money in this way. Here is a similar situation....

Non-profit UPenn may have paid Biden and others with non-profit funds for doing nothing. The article claims that this kind of money laundering is illegal...

Biden think tank where secret docs were stashed accused of giving prez, his allies ‘no show’ jobs

President Biden was paid nearly $1 million by the Ivy League school despite few campus visits.

nypost.com

 

[Jim H - VA USA]

He only paid 15.8% federal tax on $1M dollars??

I am not up on S-Corps, but I know they dramatically reduce taxes paid...

Joe Biden used this strategy to trim his tax bill. You can, too.

The 2020 presidential candidate's tax return show that he and his wife have a pair of S-corporations that generated considerable income. The Bidens were able to save on self-employment taxes. You can, too.

www.cnbc.com

Basically, you declare yourself a business and save tons of tax money by doing so.

Notably, "Entrepreneurs who deliberately mischaracterize their compensation face reprisal from the IRS if they’re caught."

What is interesting here, to me, is that Biden did not pay himself directly from his PAC. He paid his S-Corp, and then took a salary from the S-Corp. Makes it difficult to follow the money.