Post by El Castor Post by islander Post by El Castor Post by islander Post by El Castor Post by islander Post by El Castor Post by islander
"Joe Biden and his wife, Jill, have used Delaware’s financial privacy
laws to shield his income from public view." ...
"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. 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
S corporation, the recipient doesn’t owe Social Security or Medicare
taxes on it, nor can the source of revenue be traced."
You don't understand the purpose of S Corporations or their federal
Oh I think I do. Realizing that it was never going to be an industrial
power Delaware set out to become the banking/finance corporate tax
haven of the United States. Delaware is the Luxembourg of the US.
Forming an S corporation in Delaware is reportedly about as difficult
as getting a library card. Usury laws don't exist and the tax and
secrecy advantages of an S corporation are endless. It is no accident
that Joe and his wife both have their own personal S corporations in
I think that you are confusing the advantages of an S Corp with those of
an LLC. There are tax advantages of both, but LLCs are the most often
abused to hide income. S Corps are generally used in situations where
it is desirable to avoid double taxation.
The S Corp which Biden and his wife both use, has no record or
reporting requirement as to the origin of the funds deposited in the
account. If the Biden's desire to conceal the source of the funds in
the account, it is a more than adequate vehicle.
That may be true for Delaware, but not for federal. The same rules
apply as for personal income. It is just accounted for separately.
There is no income tax paid on income and no FICA tax, but profit is
passed through to be taxed on personal income. The primary advantage of
an S Corp is that income is not taxed in the corporation, but is passed
to personal income, hence no double taxation. Sources of income are
available in personal income tax return. Nothing is hidden. Wish I
could say the same for Trump who uses a lot of LLCs to hide his sources
of income. Think we will ever get a glimpse of those financial
I just looked it up and Delaware (actually just Wilmington) exempts S
Corps from paying the city's 1.25% net profit tax. Perhaps that is what
you heard about.
Let's me be clear. I do not care about the taxability of S Corp funds,
nor do I object to Biden minimizing his tax burden through any lawful
means. More power to him. My concern is the reported participation of
Biden Senior in his son's business dealings in several foreign
countries, chief among them China. I believe Trumps efforts to halt
the migration of US manufacturing to China was commendable, but if
Biden has been receiving payments under the table from China, and
perhaps other foreign sources, I would be very concerned that he will
be black mailed. I realize that this is of no concern to you, but you
are naive if you believe your heming and hawing will convince me
No hemming and hawing, I'm just asking for evidence. That evidence
would be apparent in Biden's tax returns. You claim that his S Corp
conceals possible income from China and I say that is not possible.
Biden has revealed all his tax refunds. So, where is the beef?
Personally, I think you are trafficking in conspiracy theories.
Correction: Biden has revealed all his tax *returns.*
Delaware S Corp deposits originating from out of state sources are not
taxed or reported to any taxing agency -- thus nothing on a tax
"Generally speaking, S-Corporations do not pay tax. If they were
previously a C-Corp it’s possible they could run into some built-in
gains, but those are somewhat unusual. A true S-Corp shouldn’t pay any
tax, but sometimes they do need to make a tax deposit. No tax
liability, but a tax deposit required? Yes it’s as strange as it
"When thinking of tax havens, one generally pictures notorious
zero-tax Caribbean islands like the Cayman Islands and Bermuda.
However, we can also find a tax haven a lot closer to home in the
state of Delaware – a choice location for U.S. business formation. A
loophole in Delaware’s tax code is responsible for the loss of
billions of dollars in revenue in other U.S. states, and its lack of
incorporation transparency makes it a magnet for people looking to
create anonymous shell companies, which individuals and corporations
can use to evade an inestimable amount in federal and foreign taxes.
The Internal Revenue Service estimated a total tax gap of about $450
billion with $376 billion of it due to filers underreporting income in
2006 (the most recent tax year for which this data is available).[i]
While it is impossible to know how much underreported income is hidden
in Delaware shell companies, the First State’s ability to attract the
formation of anonymous companies suggests that it could rival the
amount of income hidden in more well-known offshore tax havens."
"“Delaware and other havens in the U.S. do not have beneficial
"“Beneficial ownership” sounds complicated but is actually very
simple: It tells you who is the real owner. When you buy a house, your
name is on the deed. Buy Apple stock, and you own a small piece of
this multinational technology company.
But an anonymous shell corporation allows its owners to trick the
system. By definition, a shell corporation is really a ghost. It
doesn’t have any significant assets or operations of its own. It
doesn’t make anything or collect money for having made it.
It’s generally used as a “pass through” to allow another company or
business to smoothly move financial assets from one place to another,
such as from a foreign country to the U.S."
Once again, you do not understand the purpose of S Corporations. They
individuals who own them, thereby eliminating double taxation. Nothing
nefarious here. Any income is visible in the individual's personal tax