Joe Biden's S Corporation Records: Transparency and the Impact of Tax Laws
Joe Biden, the current President of the United States, has been under scrutiny regarding the release of his S corporation records and tax returns. While some may question the thoroughness of the information released, it is important to understand the context and legal framework surrounding these records.
Previous Tax Returns Released by Joe Biden
When Joe Biden transitioned from a private citizen to a political figure, he was required to release his tax returns. For the years 2017, 2018, and 2019, it was publicly disclosed that he released his taxes. These filings were subject to an audit by the IRS, which is a common practice to ensure tax compliance.
The complaints about Joe Biden's tax returns, especially on Faux News Network, can often be dismissed as partisan media bias. In reality, these returns have been widely analyzed and critiqued. Anyone interested in the details can easily find information by performing a Google search.
S Corporation Records of Joe Biden
Joe Biden's S corporation records, like many other professionals, include income derived from both himself and his wife, Jill Biden, from books and speaking engagements. These records are publicly available and have been thoroughly audited and reviewed.
It is important to note that S corporation income is reported on personal income tax returns and is taxed at the individual rate. In the case of Joe Biden, his 2017 tax return reflected more than $11 million in income, with significant portions coming from S corporation earnings.
The Impact of the 2017 Republican Tax Cuts
The 2017 Republican tax cuts included a 20 percent deduction for income from so-called 'pass-through' businesses. This legislation encompassed single-owner businesses, partnerships, LLCs, and S corporations. For context, most real estate companies are typically organized as LLCs, and it is not uncommon for business owners to take advantage of these tax benefits.
President Trump, himself a proponent of these cuts, owns hundreds of LLCs and S corporations. According to the Center for Public Integrity's analysis, 22 of the 47 members of the House and Senate tax-writing committees in 2017 were also found to be invested in these same entities.
This legislation has made it easier for all patriotic Americans to utilize these tax advantages, including those like Joe Biden. The available records and public disclosures allow for transparency and accountability, ensuring that any potential tax loopholes are understood and reviewed by the public.
While some may claim there were issues with the use of tax loopholes, the available records and historical context demonstrate that S corporation records, like those of Joe Biden, have been subject to rigorous scrutiny. Anyone interested in the details can investigate these records freely at any time, as no legal action restricts their access.
In conclusion, the release of Joe Biden's S corporation records and tax returns provides a clear and transparent perspective into the financial aspects of his livelihood as a public figure. Understanding the impact of the 2017 Republican tax cuts helps put these records into a broader context of tax legislation and business operations in the United States.