How can Joe Biden claim to defend Obamacare—let alone Medicare—when he created a tax strategy specifically to avoid paying taxes that fund those two programs?
The Federalist: In the campaign for the 2020 Democratic presidential nomination, Joe Biden has portrayed himself as Obamacare’s biggest defender. His health care plan, released this month, pledges to “protect the Affordable Care Act” and states that he “opposes every effort to get rid of this historic law.”
However, his campaign rhetoric in support of Obamacare overlooks one key fact: For the past two years, Joe Biden structured his financial dealings specifically to avoid paying a tax that funds “this historic law,” along with the Medicare program.
When Biden released his tax returns from 2016 through 2018 earlier this month, the Wall Street Journal analyzed those returns and found that the former vice president and his wife Jill funneled most of his book and speech income through two S corporations. The corporations gave the Bidens more than $13 million in total profits, while distributing less than $800,000 to them as salary.
While the Bidens paid federal income taxes on all their income, they did not have to pay self-employment taxes on these millions of dollars in profits. The Bidens saved as much as $500,000 in self-employment taxes by taking most of their compensation as profits from the corporation, as opposed to salary.
The Journal cited multiple tax experts who called the Bidens’ move “pretty aggressive,” and a “pretty cut and dried” abuse of the system. Given that most of their income came from writing and speaking engagements, one expert called that income “all attributable to [their] efforts” as individuals and thus wage income, rather than a broader effort by any corporation resulting in profits. read more
The rules for thee are not for me. That’s the politicians creed.
Remember well the pandering that the Affordable Healthcare Act would also cover Politicians.
NOT.
Nancy said we have to pass it before we READ IT to understand.
Nancy, it was a turd, not something just political created constipation..
Learn the difference between the need for imodium and constipation.
Democrats by and large are pigs.
When you “Joe Biden Tax Returns” later tonight, all you’re going to get is articles on Trump. It may be that way already. The Google Rapid Response Team is getting quicker.
Everyonet who voted that as constitutional, should be removed from the high court as soon as possible. The 10th amendment opposers that very action.
Biden pledges to “pay lip service to the Affordable Care Act” and states that he “opposes every effort to get rid of this historically bad law.” Fixed it for them…
Tax money iz for takin, not givin!
Antidote – speaking of bi and large, I’m pretty sure Hillary doesn’t pay her fair share either!
TRF , I saw what you did there. Kudos!