Biden’s “Fair Share” income tax.

“Shotgun Joe”

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!

VOV sends:

Remember Joe Biden talking about everyone needing to “pay their fair share” of taxes?

I’d be surprised if you didn’t…

What’s interesting is that thanks to his public disclosure of his tax records we can see that what
Joe actually did was use two corporations from which the primary profit was fees for speaking
engagements after leaving office as VP as a vehicle to avoid paying payroll taxes to fund
Obamacare and Medicare taxes.
His 2017/2018/2019 returns indicate that the income he received for speaking engagements
was not indicated as wage income but was instead shown as corporate profit to avoid that tax
payment.
For a guy who ran on the notion that Obamacare was personal to him it’s entertaining that he
did everything he could to avoid paying over 120k in taxes to help support it.
All told they avoided paying a little over a half million in taxes by taking income and calling it
corporate profit instead.
In fact this scheme used by the Biden’s is specifically covered in the reasonable compensation
IRS guide in section 3 on page 7 where the scheme is identified as a low paid wage with a high
profit specifically to AVOID paying payroll taxes…
For a media obsessed with Trump’s taxes it’s entertaining to note that no one in the media has
questioned Biden about any of this, not one talking head jagoff on CNN, ABC, CBS, NBC, FOX,
etc…etc…etc…
While none of this is inherently illegal it does walk the line rather closely and

it’s interesting to note what the IRS has to say about it;

3. SUBCHAPTER S

CORPORATIONS
Compensation can be an issue with respect to a corporation that has elected to
be taxed under the provisions of Subchapter S. If you have a single owner S
corporation and disallow compensation deducted by the corporation, there will be
no immediate income tax effect. If there is more than one owner then tax issues
could arise as to the proper party or parties to which a disallowed compensation
amount should be allocated. The more likely scenario is that a lesser amount will
be identified as compensation in order to avoid paying payroll taxes with the
remaining amount treated as owner distributions. In these cases, by determining
what a proper level of compensation should be, a Valuation Analyst may make
the appropriate allocation between amounts subject to payroll tax and amounts
not subject to payroll tax.

This is not a defense of the previous administration, it’s simply a
point of reference that indicates rather clearly the deference given to the current administration
by the media in this country.

For my money every administration should be questioned at
every turn with the same zeal as the previous administration was questioned. We should not
assign trust to any elected official without decades of evidence supporting that trust. Biden has
decades of evidence proving the opposite and as such should be questioned regularly for the
liar that he has proven to be over the almost 50 years he’s spent in DC.
As was always the case the facts I mention above are available as public record. The
assessment is however nothing more than my opinion, if you have facts indicating my math is

wrong or my understanding of the tax code is inaccurate feel free to share in the comments. I
look forward to hearing your thoughts on the discrepancy in coverage.
Be well,
VOV

For comparison’s sake VOV was kind enough to provide both a link to the IRS Tax Document and a chart with Joe’s taxes from 2017 through 2019. I’ll let the differences speak for themselves.

Each and every Congress Critter on Capitol Hill will milk this new loophole for every nickel they can get. Thanks, VOV.

Category: "The Floggings Will Continue Until Morale Improves", "Your Tax Dollars At Work", Guest Post