After the New York Times story broke about President Donald Trump’s apparent tax issues, Democrats have taken advantage.
They’re calling out the Commander-in-Chief for only paying a small amount in personal income tax in recent years.
However, Democratic presidential hopeful Joe Biden might face a similar issue.
According to a report in the Wall Street Journal, the Bidens found a way to keep most of the $13.3 million they earned between 2018 and 2019.
The report claims the Bidens used a tax loophole, “S Corporations,” to keep their income taxes low.
From Western Journal, citing the WSJ article:
Joe and his wife Jill Biden funneled millions in income through a pair of S corporations they set up in Delaware as a way to circumnavigate paying Social Security and Medicare taxes.
As it turns out, Joe and Jill earned about $13.3 million due largely to book royalties and speaking fees.
But they reportedly only claimed $750,000 of that $13.3 million as actual income.
The other 94 percent of the money went through the S corporations, which stopped it from being subject to the 15.3 percent combined Social Security and Medicare tax rate (per CNBC).Follow Elite Feed!