Full IRS audit called for after nonpartisan report indicates Biden may have skirted taxes – by a lot!

A top congressional Republican has accused President Joe Biden and first lady Jill Biden of using a widely known tax loophole to avoid paying up to $500,000 of their so-called “fair share” of taxes.

The Bidens own two companies, CelticCapri Corp. and Giacoppa Corp., both of which are what is known as S corporations.

In 2017 and 2018, the Bidens routed $13 million in their own personal “book and speech income” through these corporations, as originally reported in 2019 by The Wall Street Journal.

S corporations are frequently used by the wealthy for this express purpose.

“If you organize your business as an S-corporation, you can classify some of your income as salary and some as a distribution. You’ll still be liable for self-employment taxes on the salary portion of your income, but you’ll just pay ordinary income tax on the distribution portion,” according to TurboTax.

Here’s the key, as reported by TurboTax: “Depending on how you divide your income, you could save a substantial amount of self-employment taxes just by converting to an S-corporation.”

By using this trick, the Bidens were able to claim just $800,000 in combined personal income in 2017 and 2018, according to the Post, meaning they claimed less than 7 percent of their full earnings. This, in turn, reduced their tax expenses by...

Read More HERE