Big discrepancies in Joe Biden's tax returns...

Trumpet said:
If you look to the left above the headline you will see the word "Opinion".
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Thank you

Interesting how opinion, especially opinion coming from heavily partisans sites, are automatically assumed as facts by the right

Reason prior Top 40 AM radio disc jockeys turned themselves into millionaires by just telling the right what they wanted to hear
 
archives said:
Thank you

Interesting how opinion, especially opinion coming from heavily partisans sites, are automatically assumed as facts by the right

Reason prior Top 40 AM radio disc jockeys turned themselves into millionaires by just telling the right what they wanted to hear
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If you take a closer look at America Insider you will notice that is site is a questionable right wing propaganda site, and in this case they're propagating dis-information and labeling it has an opinion to cover their butts.

America Insider


Overall, we rate America Insider as right-biased based on editorial perspectives that align with conservative ideology. We also rate them Mixed for factual reporting due to poor sourcing and the promotion of right-wing propaganda.

https://mediabiasfactcheck.com/america-insider-bias/
 
T. A. Gardner said:
So? Opinions can be based on FACTS, something I parsed out of the articles I cited. How about addressing the FACTS I presented instead of using ad hominem?
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Trumpet always failed attacks on the source because he is not smart enough to debate the actual facts. Or maybe he knows he can't beat the facts. :laugh:
 
Trumpet said:
If you take a closer look at America Insider you will notice that is site is a questionable right wing propaganda site, and in this case they're propagating dis-information and labeling it has an opinion to cover their butts.

America Insider


Overall, we rate America Insider as right-biased based on editorial perspectives that align with conservative ideology. We also rate them Mixed for factual reporting due to poor sourcing and the promotion of right-wing propaganda.

https://mediabiasfactcheck.com/america-insider-bias/
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So tell what they said that is not factual.
 
T. A. Gardner said:
I never said they weren't. Being legal in terms of being formed and such doesn't mean they were being used for legal purposes.

A shell corporation is one in name only. Both Hunter's and his dad's LLC's did nothing that would generate income. They weren't selling a good or service. They didn't have paid employees. That's the very definition of a shell corporation.

A shell corporation is a company or corporation with no significant assets or operations
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Paid employees are not required for an LLC. I have seen numbers reported that over 40% of LLCs are single owner companies with no employees.
It does 2 things. It limits the liability of the owner. (It's called a limited liability company for a reason.)
It also allows the owner to use tax advantages available to businesses but not to individuals. (one of the claims in NY was how the Trump children were also being paid as if vendors through an individual LLC as well as being paid as Trump Company corporate officers to avoid taxes.)

I seem to recall that Biden was running his speaking engagements through an LLC to take advantage of the tax deductions. Candidates for President lose the ability to be paid for speaking engagements. The fact that his income dropped when he could no longer be paid for speaking is hardly surprising or illegal.
 
Trumpet said:
Suppose you tell us what is factual.
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Bbiden cheated on his S Corp taxes by claiming only 2% of his earnings as salary thus saving himself hundreds of thousands in payroll taxes. And violating the "reasonable salary" rule. Plus Biden had two wildly different incomes on his tax form and his financial disclosure form for the same time period. Now show me what isn't factual about the article.
 
Poor Richard Saunders said:
Paid employees are not required for an LLC. I have seen numbers reported that over 40% of LLCs are single owner companies with no employees.
It does 2 things. It limits the liability of the owner. (It's called a limited liability company for a reason.)
It also allows the owner to use tax advantages available to businesses but not to individuals. (one of the claims in NY was how the Trump children were also being paid as if vendors through an individual LLC as well as being paid as Trump Company corporate officers to avoid taxes.)

I seem to recall that Biden was running his speaking engagements through an LLC to take advantage of the tax deductions. Candidates for President lose the ability to be paid for speaking engagements. The fact that his income dropped when he could no longer be paid for speaking is hardly surprising or illegal.
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S Corps require the owner to pay themselves a reasonable salary most accountants use the 50/50 rule or the 60/40 rule Biden used 2/98 and thus he cheated the government out of hundreds of thousands in payroll deduction taxes. Joke Bribem is a tax cheat like his son Hunter.
 
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ExpressLane said:
Bbiden cheated on his S Corp taxes by claiming only 2% of his earnings as salary thus saving himself hundreds of thousands in payroll taxes. And violating the "reasonable salary" rule. Plus Biden had two wildly different incomes on his tax form and his financial disclosure form for the same time period. Now show me what isn't factual about the article.
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LOL. You don't seem to understand how the law works when it comes to calculating a reasonable salary.
BLS publishes a list of average salaries for occupations.

If my LLC has income of $100,000 and I pay myself $20,000 in salary and take $80,000 in disbursements, the IRS is going to look at that as avoiding taxes since I am paying myself well below normal for a company president.
If my LLC has an income of $100,000,000 and I pay myself a salary of $2,000,000 and take $98,000,000 in disbursements, the IRS will consider that $2,000,000 to be a comparable salary to other company presidents.
 
ExpressLane said:
S Corps require the owner to pay themselves a reasonable salary most accountants use the 50/50 rule or the 60/40 rule Biden used 2/98 and thus heat cheated the government out of hundreds of thousands in payroll deduction taxes. Joke Bribem is a tax cheat like his son Hunter.
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I am curious as to what employee is paid a reasonable salary of $8 million in your estimation.

The IRS rules
Reasonable Compensation

S corporations must pay reasonable compensation to a shareholder-employee in return for services that the employee provides to the corporation before non-wage distributions may be made to the shareholder-employee. The amount of reasonable compensation will never exceed the amount received by the shareholder either directly or indirectly.

The instructions to the Form 1120-S, U.S. Income Tax Return for an S Corporation, state "Distributions and other payments by an S corporation to a corporate officer must be treated as wages to the extent the amounts are reasonable compensation for services rendered to the corporation."
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https://www.irs.gov/businesses/smal...ion-compensation-and-medical-insurance-issues
 
ExpressLane said:
Trumpet always failed attacks on the source because he is not smart enough to debate the actual facts. Or maybe he knows he can't beat the facts. :laugh:
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That's the MO of 99.8% of all Leftists. When confronted with facts and logic in a discussion they disagree with, they resort first to trying to change the subject--For example, we're discussing Biden's tax returns, they ask What about Trump's?. If you don't take the bait and continue to discuss the original subject, they go to ad hominem and insults. When that fails, they curse at you, and refuse to discuss the subject further.
 
Poor Richard Saunders said:
LOL. You don't seem to understand how the law works when it comes to calculating a reasonable salary.
BLS publishes a list of average salaries for occupations.

If my LLC has income of $100,000 and I pay myself $20,000 in salary and take $80,000 in disbursements, the IRS is going to look at that as avoiding taxes since I am paying myself well below normal for a company president.
If my LLC has an income of $100,000,000 and I pay myself a salary of $2,000,000 and take $98,000,000 in disbursements, the IRS will consider that $2,000,000 to be a comparable salary to other company presidents.
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Where you left off on this is that if the company made those amounts, and the entirety of them were taken as salary or disbursements, leaving little or nothing rolled back into the company for its operations and expenses, the IRS would see it as likely money laundering rather than a legitimate business...
 
T. A. Gardner said:
Where you left off on this is that if the company made those amounts, and the entirety of them were taken as salary or disbursements, leaving little or nothing rolled back into the company for its operations and expenses, the IRS would see it as likely money laundering rather than a legitimate business...
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Do you know the difference between gross income and net income?
 
Trumpet said:
Suppose you tell us what is factual.
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Comical how they always want you to disprove that which has yet to be proven

They throw out an accusation, an opinion, one generally based upon innuendo as it is here, and then tell you to disprove it
 
T. A. Gardner said:
First, it seems Joe Biden back when his son Bagman was taking payola, bribes, and other graft from foreign leaders and corporations had the same sort of shell LLC's his kid did. At least one of them was named CelticCapri.

In 2017 and 2018 Joke claimed a total income for that period of $12.6 million. Then, when he started looking at running for President his income suddenly dropped to $7.4 million for the same period on official federal filings for income disclosure required for running for federal office.

Did Joke really have roughly 40% drop in income? Which number is correct? Why this huge difference and discrepancy?

Closer Look at Federal Law: It’s Still Bribery If Hunter Received the Payment
https://www.americainsider.org/2023...still-bribery-if-hunter-received-the-payment/
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If you drop a pile of cash at the track or casinos,
you can't deduct it from your income
unless it's to offset what you won.

But the nest year, the money that principle would have accrued
won't be made.

That's the entire reason, I believe, why incomes fluctuate in the United States.
I'm not completely sure, not being an expert in the field, but that's my guess.:thinking:
 
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