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Matthew Boyle

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The establishment media is all aflutter Monday after a New York Times story over the weekend about incumbent GOP President Donald Trump’s tax records, but it turns out Democrat candidate former Vice President Joe Biden used a series of tax code loopholes to avoid paying hundreds of thousands of dollars in taxes over the years.

Back in August, the Wall Street Journal’s Chris Jacobs exposed how the Biden family structured what is called an “S-Corp” to avoid paying hundreds of thousands of dollars in taxes.

“How the Bidens Dodged the Payroll Tax,” was Jacobs’ headline on Aug. 10.

In it, the Journal details how the Bidens set up an S-Corporation to avoid paying more than half a million dollars in taxes they would have otherwise owed.

“Joe Biden responded to President Trump’s partial suspension of payroll-tax collections with a statement calling it the ‘first shot in a new, reckless war on Social Security,’” Jacobs wrote. He continued: “‘Our seniors and millions of Americans with disabilities are under enough stress without Trump putting their hard-earned Social Security benefits in doubt.’ Mr. Biden’s objections might be more persuasive had he and his wife, Jill, not gone out of their way to avoid funding seniors’ entitlement benefits. According to their tax returns, in 2017 and 2018 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.”

Jacobs continued in his expose by noting the corporation the Bidens established to avoid paying the payroll taxes on millions of dollars in income amounts to more than half a million dollars in taxes that Joe and Jill Biden did not pay.

“According to the Urban Institute, a couple featuring one high earner and one average earner, retiring this year, will have paid a total of $209,000 in Medicare taxes during their working lives,” Jacobs wrote. “The Bidens avoided paying nearly twice that much in Medicare taxes during two years. The maximum payroll tax affected by Mr. Trump’s suspension is $1,984—less than 1/250th of the amount the Bidens avoided in 2017-18. The Bidens didn’t avoid any Social Security tax, which applied only to the first $127,200 of income in 2017 and $128,400 in 2018. But they would under Mr. Biden’s tax plan, which would impose the 12.4% Social Security tax on income over $400,000; the same loophole he used in 2017-18 would shield him from his own tax. And how can Mr. Biden claim to protect Medicare and ObamaCare when he avoided more than $500,000 in taxes that fund the two programs? The media have largely ignored the Bidens’ accounting legerdemain, fixating on Mr. Trump’s tax returns instead. But at least the president isn’t looking to raise taxes on everyone else.”

The Wall Street Journal is hardly the only outlet to illustrate how the Bidens used this tax code loophole of creating an S-Corporation to save themselves from paying hundreds of thousands—perhaps now millions—of dollars in taxes over the years.

CNBC’s Darla Mercado in 2019 wrote about it explaining to her readers how they can use the same loopholes Biden did to avoid paying their taxes.

“The former vice president and 2020 presidential contender and his wife Jill Biden reported about $10 million in income in 2017 from a pair of S-corporations, CelticCapri and Giacoppa,” Mercado wrote in CNBC. “The two entities were paid for the couple’s book deals and speaking gigs. That mean any amounts the Bidens received as a distribution wasn’t subject to the 15.3% combined Social Security and Medicare tax. Here’s how it works. S-corporations pay their employee shareholders in two ways: wages and distributions.The S-corps reported another $3.2 million in income in 2018.”

In other words, on much of the income Joe and Jill Biden generated through the corporations they established to pay themselves—CelticCapri and Giacoppa are the names of the two so-called S-Corporations—they did not have to pay payroll taxes collected to fund Social Security and Medicare.

Those on the left are not happy with the Bidens over the hypocrisy, either. The Intercept’s Ryan Grim in 2019 noted Biden has used Delaware corporation laws to hide his financial information from the American people.

“The Bidens have used their home state’s financial privacy laws to shield his income from public view, by setting up two tax- and transparency-avoidance vehicles known as S corporations,” Grim wrote. “He and his wife Jill Biden called them CelticCapri Corp. and Giacoppa Corp., respectively, and, according to the Wall Street Journal, have reported more than $13 million in profits the previous two years that weren’t subject to specific disclosure or self-employment taxes. As CNBC has described, money Biden made from book deals and speeches flowed into the S corporations and was then remitted to Biden and his wife as ‘distributions’ rather than salary. When money is funneled through an S corporation, the recipient doesn’t owe Social Security or Medicare taxes on it, nor can the source of revenue be traced. (In addition to the distributions, the Bidens drew relatively small salaries from the S Corporations: under half a million dollars, for which they owed self-employment taxes.)”

What’s more, as Ryan Ellis from the Center for a Free Economy wrote in a Washington Examiner op-ed last year, the last budgets from the Barack Obama and Joe Biden administration called for an end to this loophole allowing S-Corporations to avoid payroll taxes.

That means Barack Obama, the former Democrat president of the United States, does not support what Biden has established in these S-Corporations to avoid payroll tax liability on millions of dollars in income.

Author: Matthew Boyle

Source: Breitbart: Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax

Dr. Jill Biden’s first husband spoke up this week publicly for the first time in decades, announcing he is voting for President Donald Trump instead of his ex-wife’s husband, Democrat Joe Biden.

In the interview with Inside Edition, Bill Stevenson—the owner of the Delaware nightclub the Stone Balloon and Jill Biden’s first husband—claims the story that Joe and Jill tell about how they met is a lie.

“I was betrayed by the Bidens. Joe was my friend. Jill was my wife,” Stevenson said in the interview with Inside Edition.

Joe and Jill Biden claim they were set up on a blind date in March 1975, a few years after Joe’s first wife, Neilia Biden, died in a fatal car crash that also claimed their daughter’s life. Joe and Neilia’s sons, Hunter and Beau Biden, survived the fatal car accident, which happened in December 1972 right after Joe was first elected to the United States Senate. Joe was sworn into the Senate from the hospital where his sons were recovering. Beau Biden would later become the attorney general of Delaware, but he has since passed away due to brain cancer. Hunter Biden, meanwhile, has had his share of problems over the years with drugs and relationships but also has drawn scrutiny over various financial relationships he developed with foreign powers like the Chinese Communist Party and business dealings in Ukraine.

As the story goes, as the Bidens have told it time and again in campaign rallies and books and again most recently at the Democrat National Convention, a few years after Neilia’s death he saw a picture of Jill—a model—on an advertisement in Delaware in March 1975. The next day, Joe claims his brother Frank—who has also been drawn into corruption concerns surrounding the Biden family—introduced Joe and Jill Biden since Frank knew Jill from college.

“The Bidens’ love story reads like a classic fairytale,” Inside Edition’s Steven Fabian said in the news package rolling out the Stevenson interview. “They saw a movie together on that blind date, fell in love, and never looked back. But Jill Biden’s ex-husband says there’s much more to the story, claiming Jill and Joe’s relationship actually started in 1974 when he was still married to Jill.”

Fabian asked Stevenson if the Bidens’ story of how they met is true.

“It was a blind date. Point blank, is that story true?” Fabian asked Stevenson.

“No, not even a little bit,” Stevenson replied.

Stevenson married Jill when she was 18, six months after they first met on the beach.

“Jill and I met on the beach in Ocean City, New Jersey, in August of 1969. Sure I fell in love with her because I married her six months later,” he said in the interview.

Despite the official 1975 blind date narrative, Fabian said that Stevenson claims he introduced the two of them years earlier—and they knew each other well.

“According to Bill Stevenson, both he and Jill first got to know Joe Biden when Biden was a county councilman in New Castle, Delaware. Stevenson asked for his help in obtaining a liquor license,” Fabian said in the news package.

Asked if he and Jill were friends with Joe Biden, Stevenson told Inside Edition’s Fabian that “oh yeah” and “not only that, I threw a fundraiser for him in August and raised between $2,500 and $3,000. We got married in ’70. I introduced Joe to Jill in ’72. Right before the election in ’72, Jill, Joe, Neilia, and I were in his kitchen. How do you forget that?”

Fabian said that “that would be three years before that now-famous blind date.”

“Stevenson said his first inkling something was up was when Jill refused to go with him to meet Bruce Springsteen, who was booked to appear at the Stone Balloon,” Fabian said.

“She said ‘Joe asked me to keep an eye on the boys.’” Stevenson said. “I just thought in the back of my mind, ‘Hmmm.’”

“Then one day a man came into his bar and asked him to pay damages for a fender bender that involved Jill,” Fabian said.

“He looks at me, and he says, ‘Oh, she wasn’t driving.’ I said, ‘Her beloved Corvette she wasn’t driving?’ He goes, ‘Sen. Biden was driving it,’ and I went, ‘What?’” Stevenson recalled.

“Did you confront Jill at the time and say, ‘What’s going on here?’” Fabian asked.

“Yes I did,” Stevenson replied. “She didn’t say anything. She just looked at me. I said, ‘You gotta go. You gotta go get your own place.’”

Jill Biden and Bill Stevenson were formally divorced in May of 1975. Stevenson, who Fabian noted later was convicted on federal fraud charges and sentenced to six years of probation for passing bad checks, blamed politics for the legal issues. He said the divorce from Jill “became contentious” in Fabian’s telling of it when she tried to get a stake in the Stone Balloon.

“He has just written a book about his life and is considering publishing it,” Fabian noted.

Fabian also asked Stevenson why he waited until now to tell this story.

“We’re talking about decades and decades ago. This story comes out right before the election; a lot of people are going to ask some questions,” Fabian asked.

“It’s years ago, but guess what? It’s so current right now because he is picking on people about character,” Stevenson replied.

Stevenson also denied that any Republican Party or Trump campaign officials reached out to him to get him to go public with his story.

The Bidens are denying Stevenson’s account, for what it’s worth.

“These claims are fictitious, seemingly to sell and promote a book,” Jill Biden’s spokesperson said according to Inside Edition. “The relationship of Joe and Jill Biden is well documented. Jill Biden separated from her first husband irreconcilably in the fall of 1974 and moved out of their marital home. Joe and Jill Biden had their first date in March of 1975 and they married in June of 1977.”

At the end of the interview package, Inside Edition’s anchor wrapped the segment by noting that Stevenson said he voted for Barack Obama and Biden twice in 2008 and 2012 but will be voting for Trump this year because of “Trump’s stance on police issues.”

Author: Matthew Boyle

Source: Breitbart: Jill Biden’s First Husband Backs Trump: ‘I Was Betrayed by the Bidens,’ Claims Their Love Story a Lie

The U.S.-Mexico-Canada (USMCA) trade agreement formally replaced the North American Free Trade Agreement (NAFTA) on Wednesday, meaning that President Donald Trump has now officially completed one of the biggest promises of his insurgent 2016 campaign.

Commemorating the occasion, President Trump issued a lengthy statement laying out the success:

When I ran for President, I made a solemn promise to the American people that I would end the job-killing failure called the North American Free Trade Agreement (NAFTA) and replace it with a better deal for our workers, farmers, ranchers, and businesses—the men and women of Main Street who built the most prosperous and equitable economy in human history,” Trump said. “Today, with NAFTA ending forever and the United States-Mexico-Canada Agreement (USMCA) entering into full force, our grateful Nation pays tribute to America’s workers and celebrates their ability to overcome decades of bad deals and failed policies. The USMCA is the largest, fairest, and most balanced trade agreement ever negotiated and contains innovative provisions to help grow the economy and support American jobs. It is a tremendous victory for our manufacturers and autoworkers, meaning more cars and trucks will be produced in the United States. The USMCA is also a historic breakthrough for American agriculture. Canada will provide greater access for American dairy products, poultry, and eggs, and finally give fair treatment to American-grown wheat. In addition, the USMCA includes groundbreaking provisions to address digital trade, services, small business, and more, which will protect America’s competitive edge in technology and innovation.

Trump’s statement continued by thanking Congress for approving the deal, which it did with huge bipartisan majorities in both chambers. The USMCA passed the U.S. Senate last year 89-10, a sign of massive bipartisan support. Then, later, it passed the U.S. House 385-41, another strong bipartisan showing. Trump said:

The strong and overwhelming support the USMCA received from both parties in Congress—as well as from labor unions, business organizations, and champions of agriculture—shows just how much this trade agreement will benefit all Americans. Hundreds of thousands of jobs will be added to the economy,” Trump said. “The United States appreciates the efforts of our partners in Mexico and Canada to ensure that North America is strengthening its economic ties while working to combat the coronavirus pandemic. To mark this historic achievement, I look forward to welcoming President Andres Manuel Lopez Obrador of Mexico to the White House on July 8, 2020, to continue our important dialogue on trade, health, and other issues central to our regional prosperity and security.

Kayleigh McEnany, the White House press secretary, issued her own statement as wel, praising the jobs that will be created as a result of the USMCA going into effect. She said:

Today, the United States-Mexico-Canada Agreement (USMCA) will go into effect. Thanks to the bold leadership of President Trump, the agreement will mean stronger economic growth, more jobs for American workers, and fairer trade for our country. President Trump has delivered for American manufacturers, farmers, businesses, and workers. The agreement will drive job creation and includes the strongest, most advanced, and comprehensive set of labor provisions of any United States trade agreement. American farmers will have access to fairer markets in Canada and Mexico, opening up more opportunities to export their goods. USMCA will strengthen American manufacturing, including incentivizing investment in high paying auto manufacturing jobs here in the United States. Just as promised, President Trump is replacing the disastrous North American Free Trade Agreement, which drove American jobs overseas for years. USMCA is a fair deal for American workers and finally brings our trade relationship with Canada and Mexico into the 21st century.

The International Trade Commission estimates that the USMCA will create between 176,000 and 589,000 jobs in America. In automotive manufacturing alone, the U.S. Trade Representative’s office estimates, there will be another $34 billion in investments and 76,000 new jobs for Americans. The U.S. Trade Representative’s office also says that several restrictions from Canada on American dairy, wheat, and wine producers end as a result of USMCA as well.

Author: Matthew Boyle

Source: Breitbart: USMCA Replaces NAFTA as Trump Delivers on One of Biggest Promises

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