No balls Biden the tax evader. Practice what you preach Joe.

ScarletNCream

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As much as I hate whataboutism fallacies, you really T them up sometimes
 

EriktheRed

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ScarletNCream

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Just read the article, I don’t know how common it is to report the income from giving speeches to a corporation rather than personal income but I doubt it’s that rare. Seems like it would depend if the funds went to him personally or went to a corporation.

Can we get the facts laid out by someone other than a person that’s not even trying to hide the fact that the article is a biased attack on Biden though? I’d genuinely be interested in it if it was written half way objectively and gave some examples of normal procedures for the circumstances
 
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EriktheRed

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Just read the article, I don’t know how common it is to report the income from giving speeches to a corporation rather than personal income but I doubt it’s that rare. Seems like it would depend if the funds went to him personally or went to a corporation.

Can we get the facts laid out by someone not even trying to hide the fact that the article is a biased attack on Biden though? I’d genuinely be interested in it if it was written half way objectively and gave some examples of normal procedures for the circumstances
It actually doesn't matter one bit though. His whole messaging was around people taking advantage of loopholes is wrong. This not only sounds like a loophole, but might even be an illegal one. Someone with more knowledge on the law with this would know more, but at a minimum it doesn't jive with his messaging.
 
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ScarletNCream

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It actually doesn't matter one bit though. His whole messaging was around people taking advantage of loopholes is wrong. This not only sounds like a loophole, but might even be an illegal one. Someone with more knowledge on the law with this would know more, but at a minimum it doesn't jive with his messaging.

I do agree it’s certainly hypocritical, buts that’s just to be expected if all slimy politicians
 

Hardlyboy

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It actually doesn't matter one bit though. His whole messaging was around people taking advantage of loopholes is wrong. This not only sounds like a loophole, but might even be an illegal one. Someone with more knowledge on the law with this would know more, but at a minimum it doesn't jive with his messaging.
LOL at it being illegal. Jeebus

Extremely common to route speaking/book revenue through an LLC or S Corp or whatever legal entity.
I realize it’s complicated subject matter but there’s a world of difference between tax avoidance and tax evasion.
 

sklarbodds

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It actually doesn't matter one bit though. His whole messaging was around people taking advantage of loopholes is wrong. This not only sounds like a loophole, but might even be an illegal one. Someone with more knowledge on the law with this would know more, but at a minimum it doesn't jive with his messaging.

LOL at it being illegal. Jeebus

Extremely common to route speaking/book revenue through an LLC or S Corp or whatever legal entity.
I realize it’s complicated subject matter but there’s a world of difference between tax avoidance and tax evasion.
@Jim14510 !!!!!!
 

Jim14510

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I can understand the logic of "he's taking advantage of a "loophole" to save taxes. Theres only one reason to do an s corp in that situation and its to save on payroll taxes.

On the other hand they so ridiculously miscalculated amount it's barely worth a response. Without looking at the returns its maybe 50k high end. Probably half that.

Edit: Thought it said 1.3 mil. 13.5 mil would be in the hundreds of thousands. Thats probably revenue before expenses and it was over 3 years that he would have paid a salary on at least a portion each year. I'll guess 200kish.
 
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sklarbodds

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I would never ever ever criticize someone for taking advantage of a tax loophole. I get the bad look, and it is. But just like with Don JT, if the loophole exists, you're dumb if you're not taking advantage.

I think the real truth out of all of this is we need to greatly reduce the loopholes. But...I don't think that's ever going to happen.
 
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Jim14510

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I would never ever ever criticize someone for taking advantage of a tax loophole. I get the bad look, and it is. But just like with Don JT, if the loophole exists, you're dumb if you're not taking advantage.

I think the real truth out of all of this is we need to greatly reduce the loopholes. But...I don't think that's ever going to happen.
You take away a loophole you create a new one. The one in question we're talking about 2.9% Medicare tax. I'm sure he did wages to at least the social security cap.

Its just ironic that the administration you're in wanted to greatly expand Medicare provided and then he does this. The only difference it makes is the amount of Medicare paid. Literally the only difference.
 
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Hardlyboy

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I would never ever ever criticize someone for taking advantage of a tax loophole. I get the bad look, and it is. But just like with Don JT, if the loophole exists, you're dumb if you're not taking advantage.

I think the real truth out of all of this is we need to greatly reduce the loopholes. But...I don't think that's ever going to happen.
Setting up an LLC or S Corp is standard practice anymore. Not even considered a loophole I don’t think. The moron doing your taxes at H&R Block would even recommend it.
 
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Hardlyboy

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You take away a loophole you create a new one. The one in question we're talking about 2.9% Medicare tax. I'm sure he did wages to at least the social security cap.

Its just ironic that the administration you're in wanted to greatly expand Medicare provided and then he does this. The only difference it makes is the amount of Medicare paid. Literally the only difference.
Also the limited liability protections that legal entity provides. Taxation differences aside there’s other reasons for it
 

williamsonframe

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I would never ever ever criticize someone for taking advantage of a tax loophole. I get the bad look, and it is. But just like with Don JT, if the loophole exists, you're dumb if you're not taking advantage.

I think the real truth out of all of this is we need to greatly reduce the loopholes. But...I don't think that's ever going to happen.
The difference is he is preaching that the rich needs to pay more taxes or pay their fair share. While Trump or any other big business or wealthy person fully admits they don't want to pay more taxes.
 
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Jim14510

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Also the limited liability protections that legal entity provides. Taxation differences aside there’s other reasons for it
But there's no reason to do an s corp. LLC does those things and doesn't make you an s corp. S election is purely a tax thing and purely to save payroll taxes.
 
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Hardlyboy

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But there's no reason to do an s corp. LLC does those things and doesn't make you an s corp. S election is purely a tax thing and purely to save payroll taxes.
Either way you’re having an accountant create a legal entity and unless you’re hiring a moron, they’re going to setup the most legally advantageous entity for the situation.
 

Soda Popinski

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There are no loopholes, it’s just the tax code. People that use the term loophole are just trying to trash people that they think should pay more.

Amazon doesn’t pay 0 net taxes because of loopholes, it’s because they helped write the tax code.
 

Oldschool1964

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Your mom's house
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Jim14510

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There are no loopholes, it’s just the tax code. People that use the term loophole are just trying to trash people that they think should pay more.

Amazon doesn’t pay 0 net taxes because of loopholes, it’s because they helped write the tax code.
It's overused for sure but there are loopholes. Use this example. Biden could have not done the S election, file as a schedule C and still have all of the protections of an LLC. By doing the election he avoids payroll taxes and is presumably filing a subjectively legal tax return.

He had two paths. Both are equal in every way except payroll taxes. He took the loopy path to reduce those payroll taxes.

I'm sure Amazon is using a loophole or two but for the most part they didn't have tax because they heavily reinvested profits and kept their fees down to expand users/sellers.

Loophole is not anything illegal. Just means when they wrote the tax code it created an unintended consequence. S Corps weren't created to avoid payroll taxes. They were created to address double taxation for small businesses. An alternative to C Corps. Then LLC's came along and made S Corps purely about saving payroll taxes.
 
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mhosek

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Super fun question is how much MSM will question whether or not he’s a tax cheat (probably, the billionaires are are), or if they’ll even mention it all (bury that down deep like I did with Sklar’s mom last nite)... at least they extended the same courtesy of discretion to our last president...
 
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1160

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I would never ever ever criticize someone for taking advantage of a tax loophole. I get the bad look, and it is. But just like with Don JT, if the loophole exists, you're dumb if you're not taking advantage.

I think the real truth out of all of this is we need to greatly reduce the loopholes. But...I don't think that's ever going to happen.

Which is why the ever shrinking middle class will ultimately be on the hook for all the Dem overspending and tax hikes......Just as they intended.
 

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