Economy Biden wants to increase your taxes, but owes 500k in back taxes

Who the fuck would pay $13 million to listen this clown ramble about corn pop and how his hairy legs turn white in the sun....

I think that's the real story... Follow the money.


I GOT HAIRY LEGS!!!

Ok Grandpa... Time for your ice cream and a nap...
 
Doesn't using tax loopholes make him smart?

Smart as any other person. I don't blame anyone, rich or poor, for taking advantage of what they can on their taxes. It just doesn't look good on a guy like Biden. Practice what you preach and all that.
 
I don't think he actually does his own taxes. He probably hired an accountant who ensured his client paid the least amount of taxes legally possible.

The administration can use this as a talking point and come out ahead on the issue.
 
Smart as any other person. I don't blame anyone, rich or poor, for taking advantage of what they can on their taxes. It just doesn't look good on a guy like Biden. Practice what you preach and all that.

I don't think anyone actually gives a shit but his detractors. So who cares?
 
Imagine how much trump would owe.

<TheDonald><TheDonald><TheDonald>
 
You cared enough to attempt a sad Trump deflection.

As far as you not believing that Democrats have to actually practice what they preach, I'm not exactly shocked.

It wasn't a Trump deflection, it was just applying Trump supporter logic to the story.
 
Biden should pay his taxes and Trumpers should stfu because no one cares about their bleating and shedding of crocodile tears...I mean really you guys have 0 shame

The left cried about Russian collusion for 4 YEARS STRAIGHT. Get used to it, you still have 3 years of it to go before the right even catches up to the copious amount of tears the libs had on a fake Russian collusion hoax.
 
Yeah, I use an S Corp but it is an actual business. The money has to be made from said business. You cant use them for personal speaking engagements or book sales. What he did is illegal and will have to pay back taxes.
and interest.
 
IRS said I owed them 400k in taxes, turns out they owed me 4k.
 
The most shocking aspect is that people actually paid to hear him speak.
 
It's far more shocking that mush mouth Biden got millions of dollars for speaking. A guy who can't speak gets millions to speak, and his son got millions from Ukrainian energy companies with 0 experience before becoming an "artist" whose paintings cost more than original Picassos, his brother made millions on a contract to build houses in Iraq, and his other brother who isn't even a lawyer used his connections to get clients for a law firm. What a totally not corrupt family.

13M for a senile bastard to speak lol imagine the deals he was cutting with public money
 
Did anyone else read the Congressional Research Services memo attached to this?

You can find a copy here: https://www.dailymail.co.uk/news/ar...00-taxes-IRS-avoiding-pay-Medicare-years.html

The memo doesn't say anything about if Biden violated the rule. It lays out the issue with S corps and the difference between adequate compensation for services rendered vs. distributions to shareholders. The tax question is if the $800k in salary is reasonable compensation for the services provided to the S corp. It doesn't matter if the rest of the money was classified as a distribution so long as the salary and the work provided align.

Nothing in the available information I've seen tells us what the Bidens did for their salary so it's very difficult to determine if this is a violation. But, on a general level, speakers don't have their fees treated like salary, there might be a baseline salary to keep the speaker tied to the organization and then the majority of the fee is treated like like distributions

Is it a tax loophole, sure, but that's a big jump from "tax loophole" to tax violation.

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800K salary in a business that is basically him being a speaker.
 
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800K salary in a business that is basically him being a speaker.
Are you suggesting the salary is too high? Because "public speaker" isn't a salaried position in most businesses.

Let me try and explain this with authors since that might be easier for people. Let's imagine that Biden is an author, not a speaker. His company sells his book, that's their business. The company could hire a CEO to run the business. The CEO would collect a salary for running the business. But the revenue from the book sales, after expenses, would go to the business owner, Biden, as a distribution. In that circumstance, no one would bat an eyelash that the CEO's salary is far lower than the revenue from book sales so long as the salary is reasonable for running a small book publishing business that publishes a VP's books.

This is the exact same thing except that the Bidens' are the CEOs and the owners at the same time. Authors do this all of the time, particularly when they're self-publishing. They cannot pay themselves a salary that equals their book sales because it's a salary and they can't predict how much a book will sell for nor can they predict when a book will be ready for publication.

As a speaker, it's the same dilemma. A speaker might get booked 10x in a year or only 1x. But if someone is collecting a salary, it has to be paid regardless of how many times the speaker is booked. So, the question comes back to whether or not $800k is an appropriate salary for running a business that books speaking engagements for a former Senator and VP of the U.S.
 
Just to add some more context to this conversation - speeches made during speaking engagements are copyrightable (this was litigated surrounding MLKs "I have a dream" speech).

So, a company that owns the copyrights of a speaker's performances is fairly common when discussing well known speakers. This gives them more control over people republishing aspects of their speech. Celebrity X owns the copyright to their speech (written in advance) through Company Q. They give the speech at Corporate Event Y. Someone at Corporate Event Y goes to put an excerpt from the speech on a website. Company Q can use the copyright to prevent this use.

All of this matters when deciding if the salary components of Company Q are reasonable.
 
It is kind of humorous in a way, with Biden's tax issue. Also humorous with Biden insistence that he only wants to tax the super rich, while at the same time wants to be able to monitor anyone with a bank account with $600 in it or more. I guess Biden's and the Democrats belief is that anyone with $600 is super rich.
 
"But what about..."
 
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