Monday, September 28, 2020

Joe Biden channeled Trump and avoided taxes by making a Subchapter S corporation

 The NYT is making a huge deal about the fact that Trump uses perfectly legal techniques enshrined in tax law that I'm fairly sure Joe Biden voted for to minimize how much taxes he pays.

Given that Bill Clinton used to claim a $2 deduction for every pair of used underwear he donated to charity it's hard to see how any Democrat, like the NYT, can condemn Trump for using the tax law too.

Actually since there is no way that Clinton's used underwear was worth $2 in the 1980s Clinton wasn't avoiding taxes by using the law but evading taxes by lying about the value of the underwear.

Which is a key point. There is absolutely nothing wrong with Trump, you, or me using the tax law to minimize how much taxes he pays.  Everyone does it.  We keep track of any big donations to charity or if we've got a lot of medical expenses we track that.

On the other hand lying to the IRS in order to pay less taxes is a crime.  Trump doesn't do that, according to the NYT, you don't and I don't.

It turns out that Joe Biden is all in for tax avoidance. In 2017 and 2018 Joe, not Hunter, and his wife produced $13 million in profits from speaking and writing.  They managed to avoid, ie legally not have to pay, $500,000 in taxes by running their income through a Subchapter-S corporation.

Yeah I have no idea what that is either so you can bet that Joe found out about it from a consultant he hired just like Trump found out about the legal tax avoidance steps he took from people he hired.

While the NYT didn't find any evidence, and you know they'd have made it up if they thought they could get away with it, that Trump did anything illegal Ryan Ellis over at the Federalist points out that Joe may have engaged in something illegal.

Under tax law when you're using something like a Subchapter-S corporation you have to pay yourself a "reasonable" salary. Obviously what is "reasonable" is somewhat open to debate but it's possible that Joe slid over from avoidance to evading.

In any case in a world where Joe Biden is using Subchapter-S corporations to reduce how much taxes he pays attacking Trump for using similar techniques is nothing more than an exercise in dishonesty by the NYT.

4 comments:

Anonymous said...

I like how this post ignores the fact that the leaks show that Trump is a failing businessman deep in debt when he sold himself as a mega-rich brilliant business wizard who would apply his business acumen to government. I mean his past bankruptcies already ruined these claims but honestly this should remove any doubt.

I mean if he were a business genius one wonders how he could've hired so many criminals... I mean three of his campaign managers were crooks (Bannon, Manafort, Parscale)? What are the odds?

Anonymous said...

Oh wait I spoke too soon. Turns out Stepien is also likely a crook given his actions during Bridgegate.

trinko said...

Actually it shows no such thing. He is after all donating his salary to the country.

And what his private finances are like is irrelevant given that his public policies drove us to low unemployment, historically low unemployment for Blacks, a booming stock market and jobs returning to America.

And I'd rather a president who hires allegedly crooked campaign managers than someone who agreed with Obama targeting Flynn even though Comeny told him that Flynn wasn't guilty of anything.

Joe knew about the coup.

Anonymous said...

> And what his private finances are like is irrelevant

Err, no he sold himself as a successful businessperson and so his private finances are relevant. Remember when he held a campaign event showing off all of his products. Remember the fake "Trump Steaks"? Clearly Trump thought his being a successful businessperson was something important voters should know. You must remember that event because I think you were still a "never trumper" back then.

> And I'd rather a president who hires allegedly crooked campaign managers

Uhm, "allegedly"? My dear friend, Manafort already went to jail. The others will follow soon enough. Further, hiring the right people is probably the most important skill of the president and yet somehow Trump's administration has been a revolving door of firings/quittings/convictions.

> than someone who agreed with Obama targeting Flynn even though Comeny [sic] told him that Flynn wasn't guilty of anything.

Flynn plead guilty. Hard to convince me of someone's innocence when they already admitted guilt.