{"id":1129,"date":"2020-08-15T04:27:00","date_gmt":"2020-08-15T04:27:00","guid":{"rendered":"https:\/\/tomfarandasfolly.com\/?p=1129"},"modified":"2025-09-29T00:49:36","modified_gmt":"2025-09-29T00:49:36","slug":"wsj-the-bidens-dodged-500k-in-payroll-taxes","status":"publish","type":"post","link":"https:\/\/tomfarandasfolly.com\/?p=1129","title":{"rendered":"WSJ: The Bidens dodged 500K in payroll taxes"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"201\" src=\"https:\/\/tomfarandasfolly.com\/wp-content\/uploads\/2020\/08\/6a00d834525a2f69e2026be407bc23200d-200wi.jpg\" alt=\"\" class=\"wp-image-12197\" title=\"Jill and joe biden\" srcset=\"https:\/\/tomfarandasfolly.com\/wp-content\/uploads\/2020\/08\/6a00d834525a2f69e2026be407bc23200d-200wi.jpg 200w, https:\/\/tomfarandasfolly.com\/wp-content\/uploads\/2020\/08\/6a00d834525a2f69e2026be407bc23200d-200wi-150x150.jpg 150w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>Nice going.&nbsp; &#8220;A tax expert interviewed by the Journal in 2019 called the Biden&#8217;s scheme &#8216;pretty aggressive&#8217;; another told the paper it served only to avoid the payroll taxes.&#8221; Indeed it is. Not sure why the IRS wouldn&#8217;t have called those retained earnings income.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.wsj.com\/articles\/how-the-bidens-dodged-the-payroll-tax-11597083162\">Joe Biden responded to President Trump\u2019s partial suspension of payroll-tax collections with a statement calling it the \u201cfirst shot in a new, reckless war on Social Security.\u201d He continued: \u201cOur seniors and millions of Americans with disabilities are under enough stress without Trump putting their hard-earned Social Security benefits in doubt.\u201d<\/a><\/p>\n\n\n\n<p>Mr. Biden\u2019s objections might be more persuasive had he and his wife, Jill, not gone out of their way to avoid funding seniors\u2019 entitlement benefits. According to their tax returns, in <a class=\"icon none\" href=\"https:\/\/s.wsj.net\/public\/resources\/documents\/Biden2017AmendedFederalTaxReturn.pdf\" rel=\"noopener\" target=\"_blank\">2017<\/a> and <a class=\"icon none\" href=\"https:\/\/s.wsj.net\/public\/resources\/documents\/Biden2018AmendedFederalTaxReturn.pdf\" rel=\"noopener\" target=\"_blank\">2018<\/a> the Bidens and his wife Jill avoided payroll taxes on nearly $13.3 million in income from book royalties and speaking fees. They did so by classifying the income as S-corporation profits rather than taxable wages.<\/p>\n\n\n\n<p>The Bidens did pay themselves \u201csalaries\u201d from their corporations\u2014CelticCapri Corp. and Giacoppa Corp.\u2014of nearly $750,000 between them over two years, and they paid full taxes on that income. But they circumvented the payroll tax on the nearly 95% of their income that remained. A tax expert <a class=\"icon none\" href=\"https:\/\/www.wsj.com\/articles\/joe-biden-used-tax-code-loophole-obama-tried-to-plug-11562779300\">interviewed<\/a> by the Journal in 2019 called the Bidens\u2019 scheme \u201cpretty aggressive\u201d; another told the paper it served solely to avoid the payroll taxes.<\/p>\n\n\n\n<p>********************<\/p>\n\n\n\n<p>The media have largely ignored the Bidens\u2019 accounting legerdemain, fixating on Mr. Trump\u2019s tax returns instead. But at least the president isn\u2019t looking to raise taxes on everyone else.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nice going.&nbsp; &#8220;A tax expert interviewed by the Journal in 2019 called the Biden&#8217;s scheme &#8216;pretty aggressive&#8217;; another told the paper it served only to avoid the payroll taxes.&#8221; Indeed it is. Not sure why the IRS wouldn&#8217;t have called those retained earnings income.&nbsp; Joe Biden responded to President Trump\u2019s partial suspension of payroll-tax collections [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1129","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/posts\/1129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1129"}],"version-history":[{"count":2,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/posts\/1129\/revisions"}],"predecessor-version":[{"id":12198,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/posts\/1129\/revisions\/12198"}],"wp:attachment":[{"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}