Joe Biden Is A Tax Loophole Hypocrite

In 2017 and 2018, Joe Biden and his wife ran $13 million of profits through 2 subchapter-S corporations.  In so doing, they avoided $500,000 in Social Security and Medicare taxes they would have paid if they instead reported the income as sole proprietors directly on their 1040 income tax returns.

That’s because profits from an “S-corp” are subject to federal income tax, but not to the Social Security and Medicare tax. This is not true for sole proprietors, who are liable for both layers of tax in full.

To be equally clear, Joe Biden is a hypocrite for using S-corporations in this way for at least 4 reasons. This is, after all, a man who said that paying more in taxes was a “patriotic act.”