,
7 tweets,
2 min read
Read on Twitter
Why Did Joe Biden Deliberately Avoid Paying Taxes For Obamacare? thefederalist.com/2019/07/31/joe…
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.
Most important to Biden’s political future is what that foregone self-employment tax revenue would have funded. Section 9015 of Obamacare increased the tax’s rate from 2.9 percent to 3.8 percent for all income above $200,000 for an individual, and $250,000 for a family.
By taking comparatively small salaries from their S corporations and receiving most of their income as profits from those corporations, the Bidens avoided paying a tax that funds an Obamacare law Joe Biden claims he wants to defend
