Politics

The Bidens Avoided Paying Huge Money in Payroll Taxes, Dodging Taxes by Exploiting The ‘S Corporation Loophole’ WSJ Reports

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Biden used the so called ‘S-Corporation loophole’ to avoid paying payroll taxes for his employees.

Back in August, the Wall Street Journal’s Chris Jacobs reported how Biden uses the ‘S-Corporation loophole’ to avoid paying certain taxes. Jacobs wrote, “How the Bidens Dodged the Payroll Tax.”

In it Jacobs explained how Biden avoided half a million in taxes using the loophole.

Jacobs wrote:

“Joe Biden responded to President Trump’s partial suspension of payroll-tax collections with a statement. He called it the ‘first shot in a new, reckless war on Social Security. Our seniors and millions of Americans with disabilities are under enough stress. Trump is putting their hard-earned Social Security benefits in doubt.’

According to their tax returns, in 2017 and 2018 the Bidens and his wife Jill avoided payroll taxes on nearly $13.3 million. based on income from book royalties and speaking fees. They did so by classifying the income as S-corporation profits rather than taxable wages.”

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 for two years.

The maximum payroll tax affected by Mr. Trump’s suspension is $1,984—less than 1/250th of the amount the Bidens avoided in 2017-18. The Bidens didn’t avoid any Social Security tax, which applied only to the first $127,200 of income in 2017 and $128,400 in 2018.

ut they would under Mr. Biden’s tax plan, which would impose the 12.4% Social Security tax on income over $400,000. That’s the same loophole he used in 2017-18 would shield him from his own tax. And how can Mr. Biden claim to protect Medicare and ObamaCare when he avoided more than $500,000 in taxes that fund the two programs?

The Wall Street Journal is not the only site that has pointed out how Biden avoided at least a half a million in taxes.

I hope Trump is paying attention. Just in case Biden tries to bring up his taxes at the debate.

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