REPORT: Biden saved as much as $500,000 using tax loophole Obama tried to close

JULY 10, 2019

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As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by WASHINGTONEXAMINER.COM:

Former Vice President Joe Biden saved half-a-million dollars on taxes using a loophole that former President Barack Obama attempted to abolish.

Biden and his wife, Jill Biden, channeled money from book sales and speeches through S corporations rather than claiming to be self-employed, skirting the 3.8% tax, according to tax records released this week and reviewed by the Wall Street Journal. The Bidens saved up to $500,000 with the shuffle.

The article goes on to state the following:

“There’s no reason for these to be in an S corp — none, other than to save on self-employment tax,” RubinBrown LLP accountant Tony Nitti said after reviewing the tax returns.

“Hypocrisy,” tweeted Charlie Kirk, Founder & President of Turning Point USA. “When he was in the White House, Joe Biden tried to repeal a tax loophole that allowed corporations to avoid an additional 3.8% tax. Yet when he filed taxes on his $15 million income, he used that very loophole he tried closing to skip out on $500,000 of taxes.”

“New from me: Biden’s tax returns show that he used a tax loophole that Democrats have spent years trying unsuccessfully to shut down.” — Richard Rubin (@RichardRubinDC) on Twitter

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