![\"\"](\"https:\/\/www.azuse.cloud\/wp-content\/uploads\/2020\/03\/biden-ar14-300x196.jpg\")
\n“Shotgun Joe”<\/p>\n
\n“Shotgun Joe”<\/p>\n
Give a TAH welcome back to Veritas Omnia Vincit, who has taken time to pen the following post for our edification on new skullduggery and malfeasance in the tax laws. To wit, those exorbitant taxes public figures must pay on fees received for speaking engagements simply cannot stand, and Something Should Be Done. So something has been done, a shell game that changes the color of the speaking fees from personal income to corporate profit. Ta da!<\/p>\n
VOV sends:<\/p>\n
I\u2019d be surprised if you didn\u2019t…<\/strong><\/p>\n What\u2019s interesting is that thanks to his public disclosure of his tax records we can see that what it\u2019s interesting to note what the IRS has to say about it;<\/p>\n 3. SUBCHAPTER S<\/p>\n CORPORATIONS This is not a defense of the previous administration, it\u2019s simply a For my money every administration should be questioned at wrong or my understanding of the tax code is inaccurate feel free to share in the comments. I For comparison’s sake VOV was kind enough to provide both a link to the IRS Tax Document<\/a> and a chart with Joe’s taxes from 2017 through 2019. I’ll let the differences speak for themselves.<\/p>\n Each and every Congress Critter on Capitol Hill will milk this new loophole for every nickel they can get. Thanks, VOV.<\/p>\n","protected":false},"excerpt":{"rendered":"
\nJoe actually did was use two corporations from which the primary profit was fees for speaking
\nengagements after leaving office as VP as a vehicle to avoid paying payroll taxes to fund
\nObamacare and Medicare taxes.
\nHis 2017\/2018\/2019 returns indicate that the income he received for speaking engagements
\nwas not indicated as wage income but was instead shown as corporate profit to avoid that tax
\npayment.
\nFor a guy who ran on the notion that Obamacare was personal to him it\u2019s entertaining that he
\ndid everything he could to avoid paying over 120k in taxes to help support it.
\nAll told they avoided paying a little over a half million in taxes by taking income and calling it
\ncorporate profit instead.
\nIn fact this scheme used by the Biden\u2019s is specifically covered in the reasonable compensation
\nIRS guide in section 3 on page 7 where the scheme is identified as a low paid wage with a high
\nprofit specifically to AVOID paying payroll taxes…
\nFor a media obsessed with Trump\u2019s taxes it\u2019s entertaining to note that no one in the media has
\nquestioned Biden about any of this, not one talking head jagoff on CNN, ABC, CBS, NBC, FOX,
\netc…etc…etc…
\nWhile none of this is inherently illegal it does walk the line rather closely and<\/p>\n
\nCompensation can be an issue with respect to a corporation that has elected to
\nbe taxed under the provisions of Subchapter S. If you have a single owner S
\ncorporation and disallow compensation deducted by the corporation, there will be
\nno immediate income tax effect. If there is more than one owner then tax issues
\ncould arise as to the proper party or parties to which a disallowed compensation
\namount should be allocated. The more likely scenario is that a lesser amount will
\nbe identified as compensation in order to avoid paying payroll taxes with the
\nremaining amount treated as owner distributions. In these cases, by determining
\nwhat a proper level of compensation should be, a Valuation Analyst may make
\nthe appropriate allocation between amounts subject to payroll tax and amounts
\nnot subject to payroll tax.<\/p>\n
\npoint of reference that indicates rather clearly the deference given to the current administration
\nby the media in this country.<\/p>\n
\nevery turn with the same zeal as the previous administration was questioned. We should not
\nassign trust to any elected official without decades of evidence supporting that trust. Biden has
\ndecades of evidence proving the opposite and as such should be questioned regularly for the
\nliar that he has proven to be over the almost 50 years he\u2019s spent in DC.
\nAs was always the case the facts I mention above are available as public record. The
\nassessment is however nothing more than my opinion, if you have facts indicating my math is<\/p>\n
\nlook forward to hearing your thoughts on the discrepancy in coverage.
\nBe well,
\nVOV<\/p><\/blockquote>\n![\"\"](\"https:\/\/www.azuse.cloud\/wp-content\/uploads\/2021\/05\/BidenIncomeGRaph-300x142.png\")
<\/p>\n